Managing Mortgage Hardship Through Relief

The Maryland Department of Housing and Community Advancement provides multifamily financing programs for the building and rehabilitation of cost effective rental real estate units for low to moderate income families, senior residents and individuals with disabilities. Our multifamily bond programs issues tax-exempt and taxable profits mortgage bonds to fund the acquisition, preservation and creation of budget-friendly multifamily rental real estate units in top priority funding locations.

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

Awards are based on the requirements laid out in the State's Allocation Strategy. The Department's Rental Housing Funds are composed of a number of programs all of which goal to fix up or create rental housing.

The function of Rental Real estate Functions is to create jobs and enhance the Maryland economy by providing gap financing for the development and conservation of affordable rental real estate funded through the Maryland Department of Housing and Neighborhood Development's Multifamily Bond Program and Low Earnings Housing Tax Credit Program. Projects financed through the Partnership Rental Housing Program generally involve a partnership between State and local governments. The purpose of the Group Home Program is to help people, qualified limited partnerships, and nonprofit organizations to construct or acquire or get and modify existing real estate to serve as a group home or assisted living system for qualified individuals and homes with special housing needs or to refinance mortgages on existing group homes.

Many state real estate financing companies manage their own grant programs, frequently in collaboration with local federal governments or nonprofits. State Housing Financing Agency Grants: Nearly every state offers a central grant, such as Minnesota's Start Up program or Kentucky Real estate Corporation's Property buyer Tax Credit. Down Payment Support(DPA) Programs: Choices like Colorado's CHFA or CalHFA in California provide grants or forgivable loans.