Maryland awards $3M in grants to developers in disinvested communities
BALTIMORE -- Maryland Gov. Wes Moore on Thursday announced $3 million in awards for nine developers working in historically disinvested communities.
The funding, which is the first awards announced under the Emerging Developer Fund, would create or preserve nearly 500 affordable housing units in Baltimore and Chestertown, the governor's office said.
The awards will also "help promote capacity building, equity, and inclusion in affordable housing development in Baltimore City and Chestertown," the governor's office said in a statement.
The awards are administered by the Maryland Department of Housing and Community Development. The recipients are "talented but undercapitalized developers" that represent populations that have historically faced barriers to participation in development opportunities, the governor's office said.
"The Emerging Developer Loan Fund enables newer housing development teams and entrepreneurs to access important financial and technical resources," Gov. 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."
