The purposes of the Program are to: (1) stimulate the production and preservation of rental housing; (2) increase and improve the supply of decent, safe, and sanitary rental housing at costs that are affordable to households of limited income; (3) use available resources efficiently to serve the households that are in need of quality affordable housing opportunities, including families, the elderly, and persons with disabilities or special needs; (4) support economic growth and activity by financing, in whole or in part, the construction or substantial rehabilitation of rental housing projects; and (5) revitalize sustainable communities, as defined in § 6-301 of this article, through office or other commercial space conversion.
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