More than $1B awarded to affordable housing construction in Maryland in 2026

ANNAPOLIS, Md. (7News) — Governor Wes Moore announced Tuesday that through various programs and credits, more than one billion dollars was collectively awarded to creating and preserving affordable rental units across Maryland.

Financing from the Maryland Department of Housing and Community Development state rental housing funds, the Multifamily Bond Program, and energy efficiency programs is going towards 3,025 low-income housing units.

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“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 new constructions and upgrades include:

• Addison Park Senior Residences (Capitol Heights, Prince George’s) Units: 293. New construction for seniors. Department Investment: $84,702,670

• Loch Raven Overlook 4% (Towson, Baltimore County) Units: 72. New construction for families. Department Investment: $20,613,142

• New Carrollton Metro Phase I (Hyattsville, Prince George’s) Units: 102. New construction for families. Department Investment: $35,628,714

• Springvale Terrace (Silver Spring, Montgomery) Units: 236. New construction for seniors. Department Investment: $57,025,200

• The Village at Mitchell Pond (Salisbury, Wicomico) Units: 68. Rehabilitation for family units. Department Investment: $18,373,602

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

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“Access to affordable housing is one of the biggest barriers to long-term success and security of Marylanders across our state,” said Gov. Moore.