Refinancing Strategies to Lower Payments in 2026

The Maryland Department of Housing and Neighborhood Advancement offers multifamily financing programs for the building and rehab of affordable rental housing systems for low to moderate income families, senior citizens and people with disabilities. Our multifamily bond programs concerns tax-exempt and taxable profits mortgage bonds to finance the acquisition, conservation and development of cost effective multifamily rental real estate units in priority financing locations.

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ProgramDescription The function of the Multi-Family Bond Program is to increase the construction and rehab of multi-family rental real estate for families with restricted earnings. Tax-exempt and taxable bonds and notes provide below-market and market rate construction and permanent financing. Taxable bonds supply market rate building and long-term financing to utilize federal Low-Income Housing Tax Credits, and to fund tasks and activities which are disqualified for tax-exempt bonds.

Awards are based on the criteria laid out in the State's Allotment Plan. The Department's Rental Real estate Funds are made up of a number of programs all of which aim to rehabilitate or create rental housing.

The function of Rental Housing Works is to produce jobs and enhance the Maryland economy by supplying gap funding for the development and conservation of affordable rental housing financed through the Maryland Department of Real Estate and Neighborhood Advancement's Multifamily Bond Program and Low Earnings Housing Tax Credit Program. Projects funded through the Collaboration Rental Real estate Program normally involve a partnership between State and regional governments. The function of the Group Home Program is to assist individuals, qualified restricted partnerships, and nonprofit organizations to build or obtain or obtain and customize existing housing to serve as a group home or assisted living system for qualified individuals and families with special housing needs or to re-finance mortgages on existing group homes.

Numerous state housing financing agencies manage their own grant programs, often in collaboration with local federal governments or nonprofits. State Real Estate Financing Agency Grants: Almost every state offers a main grant, such as Minnesota's Start Up program or Kentucky Real estate Corporation's Homebuyer Tax Credit. Down Payment Support(DPA) Programs: Alternatives like Colorado's CHFA or CalHFA in California supply grants or forgivable loans.