Press Release

February 27, 2019
Cardin, Van Hollen Announce $3 Million for Affordable Housing in Baltimore City

WASHINGTON – U.S. Senators Ben Cardin and Chris Van Hollen (both D-Md.) have announced $3 million in federal funding for the development of affordable housing and community facilities in low-income communities in Baltimore, Maryland. This grant was awarded through the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and will support financing for the preservation, rehabilitation, development, or purchase of affordable housing for low-income communities; as well as related economic development and community service facilities such as daycare centers, workforce development centers, and health care clinics. Senators Cardin and Van Hollen have consistently backed the CDFI Fund, urging full funding of the program despite President Trump’s suggested elimination of the program.

“Like many aging urban centers, Baltimore needs more quality, affordable housing and improved facilities for basic services like daycare, health care and workforce development. That’s why federal investments like those provided by the Treasury Department’s CDFI program are so important – they help provide the solid foundation on which community progress is built,” said Senator Cardin, a member of the Senate Finance and Environment & Public Works committees. “I will continue fighting any and all ill-advised attacks on this and other programs that help Maryland communities strengthen their social fabric and economic advancement alike.”

“All Marylanders deserve access to housing that is both safe and affordable. This investment will increase the supply of affordable housing, help families who are struggling to make ends meet, and boost economic development and jobs in Maryland,” said Senator Van Hollen, a member of the Senate Banking, Housing, and Urban Development and Appropriations Committees. “This investment also underscores the great work done by Neighborhood Housing Services of Baltimore – I will continue fighting in the Senate to support this program and ensure that these funds remain available to our communities.”

The Capital Magnet Fund offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide. To date, the Capital Magnet Fund has generated $20 of additional investment for every $1 of award funding and Created over 13,000 affordable homes, including more than 11,500 rental housing units and more than 1,500 homeowner-occupied units.

Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach.