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Maryland Announces $400M Housing Bond to Support Affordable Homeownership

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Affordability

Maryland Announces $400M Housing Bond to Support Affordable Homeownership

The Maryland Department of Housing and Community Development's recent mortgage revenue bond is the largest in the agency's history


November 30, 2023
Maryland Governor Wes Moore talks to the press outdoors
Image: Maryland GovPics / CC by 2.0

Maryland Governor Wes Moore recently announced that the Maryland Department of Housing and Community Development has issued the largest mortgage revenue bond in the agency's history. The $400 million bond from the department’s Community Development Administration generated proceeds that will be used to finance mortgage loans for low- and moderate-income families through the Maryland Mortgage Program (MMP), according to a Maryland.gov news release.

MMP provides fixed-rate mortgages primarily to first-time homebuyers and offers a range of mortgage products. The program also partners with local jurisdictions, combining state and local resources to further reduce homebuying costs. All bonds in the issuance are designated as social bonds that will be used to raise funds for social-impact projects and programs.

“This record-setting bond reaffirms our commitment to providing pathways to homeownership, helping to create a brighter future for all Marylanders,” said Gov. Moore. “By opening the door for more families to create generational wealth, we are fostering a more equitable and competitive economy.” ...

“Homeownership is an important foundation for resilient, sustainable communities, providing opportunities for Maryland families to achieve economic independence and build generational wealth, opportunities that must be equitable and accessible for all,” said Maryland Department of Housing and Community Development Secretary Jake Day. “The resources for the Maryland Mortgage Program come primarily from the sale of these types of bonds, and supported with a small State budget appropriation for down payment and settlement expense assistance, making the American dream of owning a home affordable and attainable for thousands of low to moderate-income households annually at virtually no cost to Maryland’s taxpayers.”

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