Rental Housing Works Application Round Begins
Initiative Aims to Increase Affordable Rental Housing Stock and Create Jobs
CROWNSVILLE, MD (May 16, 2012) – Governor Martin O’Malley today announced that the Maryland Department of Housing and Community Development is now accepting applications for the $17.5 million Rental Housing Works initiative announced in January. Rental Housing Works promotes job creation through the rehabilitation and new construction of much-needed affordable rental housing for Maryland’s hardworking families, seniors and individuals with special needs.
"We’re facing a shortfall of nearly 127,000 affordable rental housing units over the next four years,” said Governor O’Malley. “Our investment of $17.5 million from our capital budget in the Rental Housing Works initiative will allow us to leverage up to 20 times that amount in private sector funding. It also allows us to build approximately 2,000 new affordable rental units, support nearly 1,300 jobs, and generate $36 million in state and local taxes over the next decade and a half.”
The Rental Housing Works initiative provides gap financing for projects funded by the department’s Multifamily Bond Program and Low income Housing Tax Credits. “The initiative will allow Maryland to continue to produce a high level of affordable rental housing production into Fiscal Year 2013 with a positive impact to the state’s economy,” said Housing Secretary Raymond A. Skinner. “We believe that we will be able to implement Rental Housing Works quickly and continue creating quality, affordable housing for our residents.”
Additional program and application details can be obtained by contacting the Maryland Department of Housing and Community Development, Community Development Administration, 100 Community Place, Crownsville, MD 21032-2023. Rules and information, application forms, an FTE job calculator and other details and helpful resources are also available by visiting the department’s website, www.mdhousing.org .
# # #
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).
For more information:
Director, Office of Communications and Marketing
Deputy Director, Office of Communications and Marketing