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The Harry and Jeanette Weinberg Foundation Awards New $2 Million Grant

April 29th, 2016 by WCBC Radio

The Maryland Department of Disabilities and its partners, the Department of Housing and Community Development and the Department of Health and Mental Hygiene, announce that the Trustees of The Harry and Jeanette Weinberg Foundation unanimously approved a new $2 million grant to fund additional deeply affordable Weinberg Apartments throughout the state. Weinberg Apartments represent a unique public, private, philanthropic partnership that has become a national model. The first grant created twenty affordable units for persons with disabilities who have incomes between 15-30% of the area median income. This recent grant is expected to create another ten to fifteen units over the next two years.

           

The Harry and Jeannette Weinberg Foundation housing initiative uses an innovative capital write down grant which creates the affordable units for 40 years without the need for additional rental subsidy and at a fraction of the cost of providing federal rental subsidies. Residents pay 30% of their income for rent plus utilities with units like these created in counties across the state. Since initial occupancy in 2013, the Weinberg Apartments have assisted fifteen households and another 30 will be served by the time all funds from the two awards are utilized.

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