MAHC was instrumental in the development of the Rental Housing Works (RHW) Program and continues to advocate for additional funding for the highly successful program each year.  RHW was implemented seven years ago to create jobs and stimulate investment in Maryland and take advantage of Maryland’s unused federal bonding authority.  An outstanding success, this State loan program has enjoyed strong bipartisan support and can and should be replicated by other States.  Highlights of the program include:

• Funded with State general obligation bonds, RHW makes low interest rate loans to Maryland businesses to construct or rehabilitate moderately priced rental apartments for income eligible senior citizens, families, and persons with disabilities.
  
  
• Housing construction has been a major contributor to job creation in the State.  Multifamily housing development creates top quality permanent jobs that are critical in stimulating the economy.
  
  
• The State is making an investment that brings financial returns much greater than the initial investment.  The loans are repaid with interest, and RHW housing will bring new revenues to the state and local governments, including property taxes, impact fees, capital facilities fees, tap fees, building permit fees, transfer taxes, and government financing fees for the State.
  

• Every $1 invested by the State of Maryland in these properties has leveraged nearly $12 in new public and private investments in the State.  Millions of dollars in bond allocations and the associated federal tax credits would have been lost to the State but for the RHW program.

Learn more about RHW by watching our short video.

For more information on the RHW Program, including how to apply for funding for your project and the status of current applications, please visit Maryland DHCD’s website.