Governor Moore Announces More Than $1 Billion in Awards for Affordable Rental Housing Construction in Fiscal Year 2026

Annapolis, MD — Governor Moore today announced the Maryland Department of Housing and Community Development awarded low-income housing tax credits and provided financing through state rental housing funds, the Multifamily Bond Program, and energy efficiency programs with an estimated value of more than $1 billion to create or preserve 3,025 affordable rental units.

“Access to affordable housing is one of the biggest barriers to long term success and security of Marylanders across our state,” said Gov. Moore. “Our administration is heavily investing and leveraging every tool available to build more homes, expand rental housing options and lower the cost of accessible, safe and quality housing for hardworking Marylanders.”

“To ensure our state’s continued economic growth and ease the burden of housing costs for Maryland’s families, seniors, and workers, we must increase housing supply. We need to build more homes, especially affordable homes,” said Department of Housing and Community Development Secretary Jake Day. “The Maryland Department of Housing and Community Development works every day to advance that goal, leading in both policy and practice, and our responsible and targeted investment this year will create 28 affordable communities and more than 3,000 safe, energy-efficient rental homes.”

Funding was administered by the Department’s Community Development Administration, the state’s housing finance agency. As part of creating and preserving these 3,025 affordable rental units in Fiscal Year 2026, the Department: closed 28 multifamily transactions; issued approximately $500 million in bond financing; administered Low Income Housing Tax Credits with an estimated equity value of more than $440 million; awarded nearly $79 million through State rental housing programs, including Rental Housing Works; and provided more than $6.3 million through the EmPOWER program to support energy-efficient construction and upgrades.

The Department’s investment marks the third consecutive year the Moore-Miller administration has invested more than $1 billion in financing to support affordable rental housing development. From State Fiscal Years 2024 to 2026, the Department invested more than $4.4 billion ($4,412,232,627) to create or preserve nearly 10,000 (9,981) affordable rental units.

The Department’s Fiscal Year 2026 investment surpassed $1 billion with the closing of financing for five projects in the fourth quarter, including Addison Park Senior Residences, a community that recently hosted Governor Moore for its official groundbreaking.

Addison Park Senior Residences (Capitol Heights, Prince George’s)
Units: 293
Type: New Construction
Occupancy: Senior
Sponsor/Developer: Atlantic Pacific Communities / Cober Johnson & Romney
Department Investment: $84,702,670

Loch Raven Overlook 4% (Towson, Baltimore County)
Units: 72
Type: New Construction
Occupancy: Family
Sponsor/Developer: Osprey Property Company / Pax Development / Community Assistance Network
Department Investment: $20,613,142

New Carrollton Metro Phase I (Hyattsville, Prince George’s)
Units: 102
Type: New Construction
Occupancy: Family
Sponsor/Developer: Urban Atlantic Development
Department Investment: $35,628,714

Springvale Terrace (Silver Spring, Montgomery)
Units: 236
Type: New Construction
Occupancy: Senior
Sponsor/Developer: Enterprise Community Development / Seabury Resources for Aging
Department Investment: $57,025,200

The Village at Mitchell Pond (Salisbury, Wicomico)
Units: 68
Type: Rehabilitation
Occupancy: Family
Sponsor/Developer: Homes for America
Department Investment: $18,373,602

For more information about the Maryland Department of Housing and Community Development’s rental financing programs, visit the department’s website.