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Section 1602 Monetization Program (1602 Program)

The Section 1602 Program provides funding for rental housing developments with or without an award of federal Low Income Housing Tax Credits. The Program will help provide affordable housing opportunities for income-qualified families, persons with disabilities and senior citizens through the financing of the construction, acquisition, and rehabilitation of multi-family rental housing.

Maryland has been approved to utilize $44 million and intends to seek approval for another $36 million that DHCD will distribute in accordance with US Treasury requirements. To learn more about:

• Maryland 1602 Program process, please visit the Department of Housing and Community Development's Section 1602 Program
• US Treasury guidance, please visit US Treasury Grants to States in Lieu of Low-Income Housing Tax Credit Allocations for 2009