The Hogan administration has announced a plan to pump $200 million into affordable housing aid this year to create 6,000 new units across the state.
Rising construction costs, interest rates, and challenges presented by the COVID-19 pandemic are behind the move, the administration said. The money would come in the form of financing tools and new programs through the Maryland Department of Housing and Community Development (DHCD).
“During our administration, we have provided financing and tax credits to create or preserve more than 22,000 affordable rental units across the state—a level of production never before seen in the State of Maryland,” said Gov. Larry Hogan. “To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head on with a responsive set of tools to address shortfalls and create new housing opportunities.”
Click here to read the rest of the article written by Glynis Kazanjian over at WJLA News Channel 7
