Over the last six years, Rental Housing Works (RHW) created over 9,400 jobs and generated nearly $1 billion of other investment in Maryland. The State loan program has strong bipartisan support, receiving $113.7 million in capital funds to date. All of these funds are deployed to completed projects or are committed to projects closing imminently. Fifty-five (55) projects totaling $102.6 million are already completed or are finishing construction. Another 20 projects totaling $46.4 million are in the review and approval process, exceeding the current available funding by $35 million. The results of RHW are exceptional, and additional funding is necessary to meet the ongoing demand.
MAHC urges legislators to increase funding for Rental Housing Works to $25 million in General Obligation Bonds for Fiscal Year 2019.
The Governor has proposed a budget of nearly $30 million for other rental housing programs administered by DHCD. This includes level funding of $15.5 million in State Rental Housing Program funds, $6 million for the Partnership Rental Housing Program, and funds for MD-BRAC and HOME. 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.