Md. Community Investment Corp. searching for CEO to manage new mission
MARYLAND – Maryland’s Community Investment Corporation (MCIC) is just getting started, and officials are searching for a CEO to take the helm.
Housing, Community Dev. Priorities
This comes after the Maryland General Assembly passed Governor Wes Moore’s sweeping package of housing bills last session. Maryland Department of Housing and Community Development (DHCD) Secretary Jake Day says lawmakers had three goals in mind:
“One, to protect those that are housing-insecure, number two to expand the production of housing, and number three to enhance long-term investment in low income areas,” Secretary Day told WMDT.
MCIC to Bring Bucks to Md.
The MCIC was created as part of that effort, under the Housing and Community Development Financing Act. The MCIC is certified under the U.S. Department of the Treasury, and will compete for new market tax credits. Secretary Day says the Treasury will disperse about $5 billion annually for those organizations.
“There are a couple of things we’re interested in,” Secretary Day said. “Homeownership, housing development, community facility development, job creation, economic development; really, everything short of industrial development.”
Local Expertise Critical, Says Day
As the funding will be used to spur projects in low income areas, Secretary Day says many parts of the Eastern Shore could stand to benefit from that funding. In particular, he noted Caroline, Dorchester, Somerset, and Talbot, as well as parts of Wicomico and Worcester Counties.
“We’ll be engaging with local officials, community development organizations, non-profit partners, community and neighborhood groups,” Secretary Day said. “Local knowledge and expertise, there is no way of replicating that, other than talking to the communities. And, that means engaging with community development organizations that are outside of government, as well as local elected officials.”
Right Person for the Job
Secretary Day says the search for an MCIC CEO does not have a specific timeline; however, the DHCD is working with consultants to ensure they find the right person for the job.
“The board is going to be eager to get that person settled, and working on our behalf,” Secretary Day said. “This is the person that is going to eat, sleep, and drink new market tax credits in Maryland, and bringing them to bear for great return.”
The MCIC CEO will report to the MCIC Board. A job description is listed here, and the MCIC Board will meet on July 3rd at 1 p.m. for the first time.
