Annual Report Highlights Department’s Economic Impact and Program Successes
NEW CARROLLTON, MD. (March 20, 2023) – The Maryland Department of Housing and Community Development today published its Fiscal Year 2022 Annual Report, which provides an overview of the department’s success and operations last fiscal year. The department’s $2.4 billion investment provided an economic impact of approximately $4.9 billion for the state, including $83 million in state and local taxes. Nearly 22,000 full-time equivalent jobs with $1.1 billion in wages and salaries were created.
“The department continues to create jobs and drive economic impact while working to shelter all Marylanders,” said Secretary Jake Day. “DHCD programs provide funding for everything from housing developments, neighborhood revitalization projects and affordable mortgages, to broadband infrastructure and digital equity initiatives.”
The department’s productivity remained at historic highs while continuing to adapt to the challenges presented by the COVID-19 pandemic. DHCD has served as the lead agency to administer more than $2 billion in state and federal resources toward COVID-19 response and recovery. In Fiscal Year 2022, approximately $1.2 billion has been invested in affordable rental housing development and rental services, including $504 million in federal low-income housing tax credits and state funds. The department’s Neighborhood Revitalization programs invested $232.8 million to support revitalization projects and services to improve communities across the state.
Through the Neighborhood BusinessWorks business lending program, the department provided $9.3 million in capital to 44 new and growing small businesses. Additionally, an investment of $37.9 million went toward energy efficiency and home repairs last fiscal year, which improve the quality of life for Maryland homeowners and renters by making their homes modern and comfortable while reducing utility costs. For the third consecutive year, the Maryland Mortgage Program made an average of more than $1 billion in loan reservations with borrowers receiving an additional $20.2 million in down payment assistance.
Read more about the department’s activities here.
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