MAHC supports an increase in the Budget for the State’s Rental Housing Programs. Together, these key programs provide valuable financing tools to create and preserve much needed affordable rental housing across the State and should be funded at (a minimum) $100M to allow the State to meet demand for funding.
RENTAL HOUSING WORKS
Over the last nine years, Rental Housing Works (RHW) has created 17,000 jobs and generated $2 billion of other investment in Maryland. The State loan program has strong bipartisan support, receiving $190.7 million in capital funds to date. All of these funds are deployed to completed projects or are committed to projects closing imminently. Ninety (90) projects totaling $178 million are already completed or finishing construction. Another 39 projects totaling over $94 million in RHW requests are in the review and approval process, exceeding the current available funding by $81.3 million. An appropriation of $37 million is necessary in FY22 to continue meeting the ongoing demand.
MAHC urges adoption of the Rental Housing Works budget as proposed.
OTHER DHCD RENTAL HOUSING PROGRAMS
The Governor has proposed a budget of nearly $40 million for other Rental Housing Programs administered by DHCD. This includes $16.5 million in State Rental Housing Program funds, $6 million for the Partnership Rental Housing Program, $8.35 million for the Empower Energy Program, $5 million in federal HOME funds, and $4 million from the federal Housing Trust Fund. 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.