Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Bonds topic
No spam. Unsubscribe anytime.
Calvert County authorizes transfer of 2025 housing bond allocation to state program
Summary
The Board of County Commissioners authorized the board president to sign a letter transferring Calvert County’s fiscal year 2025 private activity bond housing allocation to Maryland’s Department of Housing and Community Development for the on‑behalf program, which pools county allocations to support mortgage assistance and housing loans.
Calvert County’s Board of County Commissioners voted May 6 to authorize the board president to sign a letter transferring the county’s fiscal year 2025 private activity housing bond allocation to the Maryland Department of Housing and Community Development (DHCD) for participation in the state’s “on behalf of” (OBO) bonds program.
Director of Community Resources Jennifer Moreland presented the item, describing the county’s allocation and how the OBO program works. “Calvert County government’s fiscal year 2025 housing bond allocation is $4,360,083,” Moreland said, and she explained the OBO program “pulls participants’ housing bond allocations to fund housing programs or to issue mortgage credit certificates on behalf of the local government.”
The board was told the county to date has used its allocation to support 42 loans for Calvert County residents through the Maryland mortgage program, representing $14,753,229 in loan value. Moreland said participating counties must transfer their allocations in writing to DHCD on or before June 15, 2025, to preserve use of the allocation rather than letting it revert to the state reserve.
Commissioners asked practical questions about borrower eligibility and interest rates. Moreland said loans are income‑eligible, tied to household size, and that rates “vary year to year” but are “under the average FHA loan,” providing a modest reduction for eligible borrowers. She noted the program has historically supported local workers, including county employees, and that the average loan size in the program was described as roughly in the $350,000 range for participating borrowers in Calvert County.
After discussion, a commissioner moved to authorize the board president to sign the attachment and letter to the Maryland Department of Commerce; a second was recorded and the motion carried by voice vote. The record reflects the board gave written authorization for the county to participate in the OBO program and transfer its 2025 allocation to DHCD.
Ending: The transfer requires a June 15, 2025 submission to DHCD; Moreland noted the county has participated in the program for many years and that the county’s long‑time administrator of the program is retiring this year.
