The state of Maryland, Baltimore and four counties are scheduled to receive more than $23 million from the U.S. Department of Housing and Urban Development to help finance a variety of housing projects over the next 12 months.
Baltimore is to receive the largest amount -- $10,333,000 -- and has already asked non-profit and for-profit developers to submit financing proposals.
Other federal awards include $946,000 for Anne Arundel County; $2.46 million to Baltimore County; $1.84 million to Montgomery County; $2.76 million to Prince George's County; and $6.15 million to the state of Maryland.
The money comes from the HOME block grant program, a new federal funding program that is distributing $1.46 billion for housing projects nationwide. HUD announced the program this year and federal officials say the money is becoming available this month.
According to HUD, the money may be used for housing initiatives including housing rehabilitation, site acquisition, rental assistance, new construction and homeownership strategies for low-income, first-time homebuyers.
At least 90 percent of HOME funds used for rental housing must be invested in units that are occupied by families whose incomes are 60 percent of the median for the area, or less. The remaining 10 percent must be invested in units occupied by families earning less than 80 percent of the median income.
To obtain funds, applicants must prepare a Comprehensive Housing Affordability Strategy and have it approved by HUD. The use of the funds will be determined by the housing department for each jurisdiction. In all, 387 communities nationwide are due to receive funds.