Episode 127: Maryland DHCD Awards $1 Billion for Affordable Housing in

Maryland's Department of Housing and Community Development wrapped fiscal year 2026 with more than $1 billion in combined awards — low-income housing tax credits, state rental housing funds, Multifamily Bond Program financing, and energy efficiency program dollars — targeting the creation and preservation of 3,025 affordable rental units. For LIHTC investors, developers, syndicators, and lenders active in the mid-Atlantic, this round signals a robust near-term pipeline and a state agency operating at full deployment capacity. Key Takeaways: Maryland DHCD awarded more than $1 billion in total financing commitments in FY 2026. The round funds the creation or preservation of 3,025 affordable rental units statewide. Awards span LIHTC (4% and 9%), state rental housing funds, the Multifamily Bond Program, and energy efficiency programs — a full capital stack approach. Implied public subsidy commitment averages approximately $330,000 per unit, reflecting current construction cost realities. The Multifamily Bond Program component reinforces Maryland's commitment to bond-financed 4% deals as a volume driver. Energy efficiency program layering signals a dual focus on development feasibility and long-term resident operating cost reduction. Deal closings from this award round are expected to flow over the next 12–24 months, creating active transaction opportunities for syndicators and lenders. Maryland's FY 2026 round is one of the larger state HFA commitments on record for the state, and it sets a pricing and absorption benchmark for investors already holding Maryland LIHTC paper or evaluating new placements. Developers with active relationships in the state should move quickly to understand specific award recipients and capital stack structures. The subsidy is committed — execution is the next hurdle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.