Gov. Martin O’Malley plans to allocate $25 million for affordable rental housing projects across the state, he announced Friday.
At a news conference in Annapolis, O’Malley (D) said that the $25 million in state funding will lead to $180 million in private-sector investment, 1,100 new affordable housing units and 1,900 jobs.
The funding will go to Rental Housing Works, a program created about a year ago within the Department of Housing and Community Development. The department uses the program to fund private-public partnerships for developing affordable housing.
The fiscal 2013 budget allocated $17.5 million to the program. Eighteen projects are in the process of being built, including three in Montgomery County and two in Prince George’s County.
The money from the fiscal 2014 budget likely will be spent over the next three years, said Raymond A. Skinner, secretary of the Department of Housing and Community Development, as private developers come to the department with proposals for partnerships.