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Maryland Announces More Than $9.3 Million in Awards for Rental Housing Funds and Tax Credits

Awardees are three projects in Baltimore City and Montgomery and Cecil Counties

CROWNSVILLE, MD – Maryland Department of Housing and Community Development Secretary Raymond A. Skinner today announced the results of the Fall 2011 competitive funding round for Rental Housing Funds and federal Low-Income Housing Tax Credits for multifamily rental projects in Maryland. Developers of three projects received a total of $6 million in RHF and $3.4 million in annual LIHTC for the construction or rehabilitation of 273 rental units, including 41 units to specifically be marketed to persons with disabilities. Additional details on the three projects are in the chart below. The funded projects include the renovation of an existing apartment complex located in Silver Spring, Montgomery County; the new construction of a family housing development in North East, Cecil County, and the second phase of family housing in a comprehensive redevelopment of the Barclay neighborhood of Baltimore City.

"Many families in Maryland continue to struggle because of the economy and having affordable housing options is more important now than ever before,” said Secretary Skinner. “As we strive for Maryland to be a place where people put down roots, raise their families and do business, we are also focused on expanding affordable housing opportunities as our top priority."

The total economic impact of the projects during the construction phase (inclusive of all expenses including materials, engineering and architectural fees, payroll, and benefits) will amount to $73.6 million in expenditures, create 342 full-time equivalent jobs, and generate about $916,000 in state and local tax receipts.

DHCD's Rental Housing Funds include a number of programs aimed to rehabilitate or create rental housing and are designed to be compatible with tax-exempt or taxable bond financing, low-income housing tax credits, and other private or public funds. Although there are specific programs for housing rehabilitation, nonprofit sponsors and elderly housing, DHCD allocates these funds collectively to best provide for rental housing development in the State. The federal Low-Income Housing Tax Credit Program was created to encourage the private sector to invest in the construction and rehabilitation of housing for low- and moderate-income families. States receive an annual tax credit allocation based on population.

Maryland’s awards are determined through competitive application rounds held periodically by the department. In the Fall 2011 competitive round, the department received 29 applications. With the awards described above, DHCD has forward reserved all of its calendar year 2012 tax credits. Thus, the department will wait until Fall 2012 to hold its next competitive funding round at which time calendar year 2013 tax credits and fiscal year 2013 Rental Housing Funds will be made available. The deadline for the next competitive round is September 11, 2012 and detailed information concerning this round can be found at www.mdhousing.org .

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The Maryland Department of Housing and Community Development (DHCD) works with partners to promote affordable housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD and its programs, visit www.mdhousing.org.

News updates also are available by following DHCD on Twitter (www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).

Rental Housing Funds (RHF) and Low Income Housing Tax Credits (LIHTC) Awards
Fall 2011 Competitive Funding Round

Project

County

# of Units

# of Disabled Units

Developer

RHF

Recommended Funding Award

9% Tax Credits Recommended Funding Award

New East Crossing

Cecil

72

8

Housing Initiatives Partnership (51%) / Ingerman (49%)

$2,000,000

$811,641

Tanglewood / Sligo Hills

Montgomery

132

14

Housing Opportunities Commission

$2,000,000

$1,291,667

Barclay Square Phase II

Baltimore City

69

19

Telesis Corporation

$2,000,000

$1,294,947

Totals

  

273

41

  

$6,000,000

$3,398,255

For more information:

Erlene Wilson
Director, Office of Communications and Marketing
410-514-7704
wilson@mdhousing.org

Rosa Cruz
Deputy Director, Office of Communications and Marketing
410-514-7712
cruz@mdhousing.org

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