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The Maryland Department of Real Estate and Community Development uses multifamily finance programs for the building and rehab of affordable rental real estate units for low to moderate earnings families, seniors and individuals with disabilities. Our multifamily bond programs issues tax-exempt and taxable revenue home loan bonds to finance the acquisition, preservation and creation of affordable multifamily rental housing systems in priority funding areas.

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ProgramDescription The purpose of the Multi-Family Bond Program is to increase the building and rehab of multi-family rental real estate for households with minimal earnings. Tax-exempt and taxable bonds and notes provide below-market and market rate construction and permanent funding. Taxable bonds supply market rate construction and irreversible financing to take advantage of federal Low-Income Housing Tax Credits, and to finance projects and activities which are disqualified for tax-exempt bonds.

Awards are based upon the criteria described in the State's Allocation Strategy. Projects funded with tax-exempt bonds may be eligible for Tax Credits beyond the competitive procedure. Job sponsors, or when it comes to syndication, investors declare the Tax Credit on their federal tax return. Rental Housing Fund The Department's Rental Real estate Funds are made up of a variety of programs all of which aim to restore or develop rental housing.

The function of Rental Housing Works is to develop jobs and enhance the Maryland economy by providing space financing for the production and conservation of budget friendly rental real estate financed through the Maryland Department of Housing and Neighborhood Development's Multifamily Bond Program and Low Income Real Estate Tax Credit Program. Projects financed through the Collaboration Rental Real estate Program generally involve a collaboration between State and local governments. The function of the Group Home Program is to help people, qualified limited collaborations, and nonprofit companies to construct or obtain or acquire and modify existing real estate to serve as a group home or helped living system for eligible persons and families with special real estate requirements or to refinance mortgages on existing group homes.

Numerous state real estate finance agencies manage their own grant programs, typically in collaboration with local federal governments or nonprofits. State Housing Finance Firm Grants: Nearly every state provides a main grant, such as Minnesota's Start Up program or Kentucky Real estate Corporation's Homebuyer Tax Credit. Down Payment Support(DPA) Programs: Options like Colorado's CHFA or CalHFA in California supply grants or forgivable loans.