MAHC supports the Governor’s Budget for the State’s Rental Housing Programs as proposed. Together, these key programs provide valuable financing tools to create and preserve much needed affordable rental housing across the State.SUPPORT $27 MILLION IN FUNDING FOR RENTAL HOUSING WORKS
Over the last seven years, Rental Housing Works (RHW) created 11,300 jobs and generated over $1.3 billion of other investment in Maryland. The State loan program has strong bipartisan support, receiving $138.7 million in capital funds to date. All of these funds are deployed to completed projects or are committed to projects closing imminently. Sixty-one (61) projects totaling $117.4 million are already completed or finishing construction. Another 23 projects totaling over $53 million are in the review and approval process, exceeding the current available funding by $31 million. The results of RHW are exceptional, and an annual appropriation of at least $25 million is necessary to meet the ongoing demand.
MAHC urges adoption of the Rental Housing Works budget as proposed.
FULLY FUND OTHER DHCD RENTAL HOUSING PROGRAMS
The Governor has proposed a budget of $27 million for other rental housing programs administered by DHCD. This includes increased funding to $16.5 million in State Rental Housing Program funds, $6 million for the Partnership Rental Housing Program, and federal HOME funds. Much of the State funding comes from the repayment of previous loans and does not require new appropriations, with the balance coming from federal programs administered by DHCD.
MAHC urges adoption of the DHCD rental housing programs budget as proposed.