Maryland Department of Housing and Community Development Releases Fiscal Year 2019 Annual Report
Maryland Department of Housing and Community Development Releases
Fiscal Year 2019 Annual Report
NEW CARROLLTON, Md. (January 24, 2020) - The Maryland Department of Housing and Community Development (DHCD) today released its Fiscal Year 2019 Annual Report. The department generated an economic impact of nearly $4 billion for the state, including $72 million in state and local taxes. Approximately 18,300 full-time equivalent jobs with $951 million in wages and salaries were created by Housing and Community Development's projects and activities.
The department continued its historic level of investment in affordable rental housing during Governor Larry Hogan's administration. In Fiscal Year 2019, DHCD awarded more than $44 million in state funds and federal tax credits to 15 affordable rental housing projects. These projects will result in the creation or preservation of 1,837 high quality, energy efficient affordable rental units, the largest number of units financed in a single application round. The department also provided nearly $550 million in mortgages and approximately $10 million in down payment assistance for homebuyers through the Maryland Mortgage Program.
Neighborhood BusinessWorks provided strong support for small businesses in Maryland through investment in Maryland's 149 designated Opportunity Zones. The division of Neighborhood Revitalization invested $89 million for redevelopment projects in 512 communities across the state. In Baltimore, Project C.O.R.E. (Creating Opportunities for Renewal and Enterprise) reached the milestone of more than 4,000 blighted units marked for removal, clearing the way for green space, housing, and small businesses.