Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Commissioners transfer 2015 bond allocation to state, back Housing Authority grant application
Summary
Board approved transferring the county2015 state ceiling (volume cap) of $3,867,957 to the Maryland Department of Housing and Community Development for state mortgage programs and signed a resolution supporting the Housing Authority's $129,232 Community Legacy grant application to renovate 10 townhomes in Lexington Park.
St. Mary's County commissioners on Sept. 1 voted to transfer the county's 2015 state bond allocation (volume cap) of $3,867,957 to the Maryland Department of Housing and Community Development (DHCD) and to sign a resolution supporting a Community Legacy grant application by the Housing Authority of St. Mary's County.
Department of Economic Development director Chris Casalemas explained the annual option: local jurisdictions may keep their allocation to issue tax-exempt mortgage bonds locally or transfer the allocation to the state for use in state-sponsored mortgage programs (Maryland Mortgage Purchase Program and Maryland Home Credit Program) or multifamily rental development. Staff recommended directing the allocation to the Maryland mortgage program and the home credit program. Dennis Nicholson, executive director of the Housing Authority of St. Mary's County, described recent local use of state-backed mortgage dollars and said the countyhas historically seen more mortgages issued to county residents than the allocation alone would permit.
Commissioners discussed a competing idea raised by Commissioner O'Connor to retain the allocation locally to create a county-level workforce homeownership program targeted at county employees and first-time buyers. Staff advised the board the countyis past the state deadline for the 2015 allocation and that the allocation is only reserved for the county for roughly a 60-day period; if not transferred, the authority reverts to the state for use elsewhere. After discussion, the board voted to transfer the $3,867,957 allocation to DHCD and authorize the commissioner president to execute the transfer letter.
Separately, the board approved a resolution supporting the Housing Authority's FY2015 Community Legacy application seeking $129,232 to renovate 10 townhomes near Colony Square in Lexington Park; total project cost was listed as $241,432. Staff said the grant requires only a local resolution of support and no county match. The board authorized the commissioner president to sign the resolution of support.
