Maryland Awards $3M To 'Undercapitalized' Developers For Affordable Housing Projects

Maryland awarded nearly $3M in first-of-its-kind funding to nine developers the state described as "undercapitalized" and working in disinvested communities.

The state is directing money from the Emerging Developer Loan Fund to build or preserve 500 affordable housing units in Baltimore and Chestertown. According to Maryland's Department of Housing and Community Development, the awards will increase the capacity to create new units, promote equity and improve inclusion in affordable housing development.

“The Emerging Developer Loan Fund enables newer housing development teams and entrepreneurs to access important financial and technical resources,” Gov. Wes Moore said in a statement. “These awards will expand opportunities for affordable housing and homeownership that can serve as a catalyst for additional revitalization and economic growth in underserved communities.” 

The move to bolster the development of affordable units comes as Maryland struggles to provide enough housing for low-income residents. 

According to the Maryland Housing Needs Assessment & 10-Year Strategic Plan, the state needs roughly 85,000 rental units to meet the demand from its lowest-income households. The state defines its lowest-income residents as those earning 30% or less of the area median income. Maryland is on pace to add another 97,000 of those residents by 2030, according to the assessment. 

"Without further acceleration to create and preserve deeply affordable units, this shortage will worsen," the assessment said. 

Here are the awards that Maryland made:

       1. Women's Home Preservation LLC 

• Award: $400K
• Project: 1401 West Baltimore St. 
• Address: 1401 West Baltimore St., Baltimore 
• Units: 12 rental housing

       2. Black Women Build - 1426 DHA LLC  

• Award: $195K
• Project: 1426 Artists Lofts 
• Address: 1401 Druid Hill Ave., Baltimore
• Units: 10 rental housing

       3. 4405 Park Heights LLC   

• Award: $400K
• Project: Abe Dua Residences
• Address: 4405 Park Heights Ave., Baltimore 
• Units: 44 rental housing

       4. Bridges 

• Award: $399,840
• Project: Belvedere Place
• Address:3101 West Belvedere Ave., Baltimore
• Units: 100 rental housing

       5. Carson Development

• Award: $300K
• Project: Chestertown Landing
• Address: 100 Schooner Way, Chestertown 
• Units: 132 rental housing 

       6. Eager Park Partners

• Award: $400K
• Project: Eager Landing
• Address: 1800 East Biddle St., Baltimore
• Units: 54 homeownership

       7. Make Space Inc.  

• Award: $165K
• Project: Make Space Live-Work Artist
• Address: 1600 McHenry St., Baltimore 
• Units: four homeownership

       8. Kairos Dev

• Award: $400K
• Project: Patapsco Pointe
• Address: 844 Roundview Road, Baltimore
• Units: 124 rental housing

       9. Imagine

• Award: $267,593
• Project: Shops at the Triangle
• Address: 2033 Pennsylvania Ave., Baltimore
• Units: 18 rental housing