Maryland awarded nearly $3M in first-of-its-kind funding to nine developers the state described as "undercapitalized" and working in disinvested communities.
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The state is directing money from the Emerging Developer Loan Fund to build or preserve 500 affordable housing units in Baltimore and Chestertown. According to Maryland's Department of Housing and Community Development, the awards will increase the capacity to create new units, promote equity and improve inclusion in affordable housing development.
“The Emerging Developer Loan Fund enables newer housing development teams and entrepreneurs to access important financial and technical resources,” Gov. Wes Moore said in a statement. “These awards will expand opportunities for affordable housing and homeownership that can serve as a catalyst for additional revitalization and economic growth in underserved communities.”
The move to bolster the development of affordable units comes as Maryland struggles to provide enough housing for low-income residents.
According to the Maryland Housing Needs Assessment & 10-Year Strategic Plan, the state needs roughly 85,000 rental units to meet the demand from its lowest-income households. The state defines its lowest-income residents as those earning 30% or less of the area median income. Maryland is on pace to add another 97,000 of those residents by 2030, according to the assessment.
"Without further acceleration to create and preserve deeply affordable units, this shortage will worsen," the assessment said.
Here are the awards that Maryland made:
1. Women's Home Preservation LLC
Award: $400K
Project: 1401 West Baltimore St.
Address: 1401 West Baltimore St., Baltimore
Units: 12 rental housing
2. Black Women Build - 1426 DHA LLC
Award: $195K
Project: 1426 Artists Lofts
Address: 1401 Druid Hill Ave., Baltimore
Units: 10 rental housing
3. 4405 Park Heights LLC
Award: $400K
Project: Abe Dua Residences
Address: 4405 Park Heights Ave., Baltimore
Units: 44 rental housing
4. Bridges
Award: $399,840
Project: Belvedere Place
Address:3101 West Belvedere Ave., Baltimore
Units: 100 rental housing
5. Carson Development
Award: $300K
Project: Chestertown Landing
Address: 100 Schooner Way, Chestertown
Units: 132 rental housing
6. Eager Park Partners
Award: $400K
Project: Eager Landing
Address: 1800 East Biddle St., Baltimore
Units: 54 homeownership
7. Make Space Inc.
Award: $165K
Project: Make Space Live-Work Artist
Address: 1600 McHenry St., Baltimore
Units: four homeownership
8. Kairos Dev
Award: $400K
Project: Patapsco Pointe
Address: 844 Roundview Road, Baltimore
Units: 124 rental housing
9. Imagine
Award: $267,593
Project: Shops at the Triangle
Address: 2033 Pennsylvania Ave., Baltimore
Units: 18 rental housing
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