Lauren Bunting Associate Broker MD & DE

New Affordable Housing Opportunities in Maryland

Thursday, May 19, 2022, Lauren Bunting

Governor Larry Hogan announced at the end of April that more than $200 million in financing tools and new programs will be made available to create new affordable housing opportunities in the state. The Maryland Department of Housing and Community Development (DHCD) will administer the funds to produce more than 6,000 additional units statewide amid rising construction costs and interest rates.

“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 Governor 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.”

To address the shortfalls for affordable housing projects, the administration is announcing the following updates and new programs:

• Increasing the Rental Housing Financing Program funds available for the 2022 competitive application round, which will be announced later this year.
• Increasing the amount of Rental Housing Works financing available for ongoing projects that have yet to close financing.
• Establishing the Construction Relief Fund to provide additional financing for previously funded 4% Low Income Housing Tax Credit (LIHTC) and Multifamily Bond projects that are experiencing cost shortfalls.
• Establishing the Development Relief Fund for projects that previously received a 9% LIHTC award.
• Establishing the Multifamily Capital Fund which will provide additional financing in FY23 for projects related to the State of Maryland’s economic growth and development activities and initiatives.
• Establishing the Emerging Developer Pre-Development Loan Fund to support projects by newer developers working with historically undercapitalized communities.

Additional details on these program updates can be found on the dhcd.maryland.gov website and search for Multifamily Notice 22-10.  Marylanders looking to access affordable rental housing or future leasing opportunities can go to MDHousingSearch.org. 

 

 

Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Go Back

Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

Janet and Bruce Lathbury

MLS Disclaimer


Top
Contact Me
Realtor logo   Equal Housing Opportunity logo