Maryland awards $3M in grants to developers in disinvested communities

BALTIMORE — Maryland Gov. Wes Moore on Thursday introduced $3 million in awards for 9 builders working in traditionally disinvested communities. 

The funding, which is the primary awards introduced beneath the Rising Developer Fund, would create or protect practically 500 reasonably priced housing models in Baltimore and Chestertown, the governor’s workplace mentioned. 

The awards can even “assist promote capability constructing, fairness, and inclusion in reasonably priced housing improvement in Baltimore Metropolis and Chestertown,” the governor’s workplace mentioned in an announcement. 

The awards are administered by the Maryland Division of Housing and Neighborhood Improvement. The recipients are “gifted however undercapitalized builders” that characterize populations which have traditionally confronted boundaries to participation in improvement alternatives, the governor’s workplace mentioned. 

“The Rising Developer Mortgage Fund permits newer housing improvement groups and entrepreneurs to entry vital monetary and technical assets,” Gov. Moore mentioned in an announcement. “These awards will broaden alternatives for reasonably priced housing and homeownership that may function a catalyst for added revitalization and financial progress in underserved communities.”