The Maryland Department of Housing & Community Development (MDHCD) has established a loan program to finance improvements to energy systems for multifamily developments, single-family homes, and businesses.
The program is called be SMART (Save Money and Resources Today), and if funded by a $20 million grant from the U.S. Department of Energy.
Under the program, the State will finance the purchase and installation of energy- efficient equipment, materials and measures that will result in an energy savings of 15 to 30 percent.
Eligible multifamily properties must be existing income or rent restricted projects serving low to moderate-income tenants. MDHCD will give preference to projects based on the number of low-income units and the length of the affordability period.
One multifamily property, Edinburgh House in Takoma Park, MD has already been funded under the program, receiving a $312,500 loan.
For information on the loan program, contact MDHCD at 1-410-514-7704 or go on their website at www.dhcd.maryland.gov.