Community Development - Affordable Multifamily Rental Housing Stabilization Program - Establishment

SB 938 establishes Maryland's Affordable Multifamily Rental Housing Stabilization Program to provide emergency capital repair funding for private, affordable multifamily rental properties with 15+ units serving low-income households. The program requires property owners to prove they lack sufficient operating or reserve funds to cover urgent repairs, and offers low- or no-interest loans or grants up to $1 million per property annually. The Governor may allocate $5 million yearly for the program during fiscal years 2028-2031, with priority given to repairs that reduce operating costs. Applications are accepted on a rolling basis, administered by the Department of Housing and Community Development.