Maryland Department of Housing and Community Development
Maryland

Rental Housing Works provides subordinate gap financing for projects financed using the Maryland Department of Housing and Community Development’s Multifamily Bond Program and 4% Low Income Housing Tax Credits. Projects requesting Rental Housing Works funding must meet the requirements for both Multifamily Bond Program and Tax Credits. Loans are provided on 40 year terms at 2% interest rates and due on sale, refinancing, and any voluntary or involuntary transfer of the property or the occurrence of an event of default Borrowers are expected to repay loans from surplus cash and reserves and payments are limited to 75% of a property's annual cash flow. The Department also offers contingent interest loan terms. Loans are limited to $2.5 million per project, though the Department can waive this cap.

Funding Source
Dedicated funding stream - Other
Funding Year
2022
Program Status
Active
State Funding
$48,000,000
Total Funding
$48,000,000
Website
https://dhcd.maryland.gov/HousingDevelopment/Pages/rhw/default.aspx
Contact
Edward Barnett Maryland Department of Housing and Community Development [email protected] 301-429-7740
How Provided?
Development loans
Data Collected by Program
Does not collect data on income, race, ethnicity, disability status, or age
Program Type
Capital resources
Income Eligibility Threshold
Other income eligibility criteria
Duration
Affordability period is 40 years
Info Source
NLIHC internet research
Last Updated
8/2/23 14:29
Other Eligibility Requirements

No other eligibility requirements

Coordinates Eligibility With

Does not coordinate with other systems

Eligibility Limitations

Does not limit eligibility on these criteria

Priority Populations

Does not prioritize beyond eligibility requirements