Multifamily Rental Market Assessment
RealPropertyResearchGroup Multifamily Rental Market Assessment Frederick County, Maryland Date: April 2010 Prepared for: Maryland Department of Housing and Community Development Community Development Administration BRAC Market Study Services Contract 10400 LITTLE PATUXENT PARKWAY SUITE 450 VOICE 410.772.1004 COLUMBIA, MARYLAND 21044 FAX 410.772.1110 RealPropertyResearchGroup April 16, 2010 Ms. Patricia Rynn Sylvester Director, Multifamily Housing Maryland Department of Housing and Community Development 100 Community Place Crownsville, Maryland 21032-2023 and Ms. Jenny Short Director Frederick County Department of Housing and Community Development 520 North Market Street Frederick, Maryland 21701 RE: Frederick County Multifamily Rental Market Assessment Dear Ms. Sylvester and Ms. Short: We are pleased to present our comprehensive assessment of the Multifamily Rental Market in Frederick County, Maryland. This is the first of two deliverables under our contract with the Maryland Department of Housing and Community Development (the “Department”). The second deliverable will be an electronic database of the inventory of multifamily rental properties in Frederick County with a ranking of the properties in order of feasibility for preservation as affordable housing. This assignment is part of the Maryland Preservation Compact, a partnership between the John D. and Catherine T. MacArthur Foundation, MD-DHCD and the eight subject Maryland counties: Anne Arundel, Baltimore, Cecil, Frederick, Harford, Howard, Prince George’s and St. Mary’s Counties. The Compact seeks to preserve the existing stock of affordable rental housing in Maryland in areas anticipated to be impacted by growth stemming from the US Department of Defense’s ongoing efforts to expand military installations throughout the state. Maryland stands to gain more military, civilian and mission contractor personnel than any other state under the Base Realignment and Closure (BRAC) recommendations approved by the President and Congress in 2005.
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