Gov. Martin O'Malley has allocated $25 million for affordable housing in the fiscal 2014 capital budget that will allow the state to "leverage an additional $180 million in private sector and other public funding," the state housing department said.
The money will go toward an initiative the governor started last year, called Rental Housing Works, and is expected to fund the construction or renovation of 1,100 affordable rental units. The allocation will also support 1,900 jobs and generate $39 million in taxes over 15 years, according to O'Malley's office the Department of Housing and Community Development.
"There is no more powerful place in our State than a family's home, and there is nothing more important for protecting that home than a job," O'Malley said.
Affordable rental housing is in short supply in Maryland, according to DHCD. By 2015, the state will be behind on the number of needed units by nearly 124,000, the agency said.
"We are extremely grateful to the governor for his decision to include this in his budget for a second year," said Trudy McFall, president of the Maryland Affordable Housing Coalition.
"The Rental Housing Works initiative creates high quality private sector jobs and will provide badly needed rental housing," she said.
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