MD SB938

Establishes the Affordable Multifamily Rental Housing Stabilization Program within the Department of Housing and Community Development to provide low- or no-interest loans and grants for emergency or urgent capital repairs at eligible properties

Eligible properties must contain 15 or more units of low-income households and be in the Department's existing loan portfolio

Property owners must document that they lack adequate operating or reserve funds to pay for necessary repairs, with priority given to repairs that reduce operating costs

Caps funding at $1,000,000 per eligible property per fiscal year, with applications accepted on a rolling basis

Authorizes the Governor to include $5,000,000 annual appropriations in budget bills for fiscal years 2028 through 2031, with an effective date of July 1, 2026