Today Maryland’s Governor Martin O’Malley announced he has proposed $25 million for the Rental Housing Works (RHW) program in his FY 2014 budget. The RHW program is a gap financing program for projects funded using DHCD’s Multifamily Bond Program (MBP); RHW applications are submitted in conjunction with a MBP application. The $25 million investment will allow the state to leverage an additional $180 million in private sector and other public funding, allowing the production or preservation of over 1,100 new affordable rental housing units, supporting 1,900 jobs and generating more than $39 million in state and local taxes over the next 15 years.

The proposed funding for FY 2014 must still be approved and subsequently appropriated by the Maryland State Legislature; thus, dates and other information about the next RHW funding round have not yet been released.

Click here to read the press release.