CROWNSVILLE, MD (June 17, 2010) – (LoanSafe.org) – Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced the results of its Spring 2010 competitive round for Federal Low-Income Housing Tax Credits (LIHTC) and Rental Housing Funds (RHF) for multifamily rental projects throughout Maryland. Developers of four projects with more than $45 million in total development costs received awards for the new construction of 184 rental units, including 38 units specifically targeting disabled residents. Three of the projects are located in cities expected to be impacted by BRAC: Baltimore, Aberdeen, and Annapolis.
“We are proud to be a partner in these projects which will increase the inventory of rental housing throughout Maryland,” said Secretary Skinner. “These new construction developments provide families with affordable, quality housing and allow them to continue living and working in these communities they call home.”
Awards are determined through competitive application rounds held periodically by the Department. For this Spring 2010 competitive round, DHCD received 19 applications and awarded State Rental Housing Funds to four projects. For these projects, DHCD assistance totals $15.9 million in Rental Housing Funds and $2.9 million in Federal Low Income Housing Tax Credits.
All the projects comply with the Governor’s Smart, Green, and Growing Initiative. M on Madison in Baltimore City is a transit –oriented development that will meet LEEDS Silver standards and include a green roof. Villages at Highland Commons are garage townhomes for working families in Aberdeen and will be Energy Star certified and provide energy efficiency 20% over current code. Obery Court Phase II is the redevelopment of an existing public housing site close to shopping and employment opportunities in downtown Annapolis. Additionally, Cumberland Family Homes will follow Enterprise Green Communities standards in the new construction of garage townhomes for working families.
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. 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.
Smart, Green & Growing is a multi-agency, statewide initiative launched by Governor Martin O’Malley to help Maryland achieve a more sustainable future by linking community revitalization, transportation improvements, economic development, smart growth and environmental restoration efforts. For more information, please log on to: http://www.green.maryland.gov
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD’s 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).
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Federal Low-Income Housing Tax Credit (LIHTC) and Rental Housing Funds (RHF) Awards
Spring 2010 Competitive Round
Project Information
Project: M on Madison
Sponsor: Housing Trust of America
County: Baltimore City
Occupancy Type: Family
Type of Construction: New Construction
Total Units: 74
Disabled Units: 23
Award: $1,178,440 (LIHTC) and $4 million (RHF)
Project: Villages at Highland Commons
Sponsor: Shelter Development / Boys & Girls Club of Harford County
County: Harford County
Occupancy Type: Family
Type of Construction: New Construction
Total Units: 22
Disabled Units: 3
Award: $446,981 (LIHTC) and $4 million (RHF)
Project: Cumberland Family Homes II
Sponsor: Interfaith Housing Alliance / PIRHL
County: Allegany County
Occupancy Type: Family
Type of Construction: New Construction
Total Units: 25
Disabled Units: 3
Award: $446,710 (LIHTC) and $4,301,316 million (RHF)
Project: Obery Court Phase II
Sponsor: Pennrose / HA of City of Annapolis
County: Anne Arundel County
Occupancy Type: Family
Type of Construction: New Construction
Total Units: 63
Disabled Units: 9
Award: $876,198 (LIHTC) and $3,657,500 million (RHF)
For more information:
Rosa Cruz
Deputy Director, Office of Communications and Marketing
410-514-7712
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