Montgomery County Assists in Financing Affordable Housing to in Damascus

The affordable housing property will be located at 25100 Ridge Rd. in Damascus.

“So many of our older residents are on fixed incomes and we must continue to produce affordable, and deeply affordable, housing options for them,” said Montgomery County Executive Marc Elrich. “In working with St. Anne’s, and with other faith-based efforts, we will help leverage available land to support housing for people who earn about $30,000 to $50,000 per year—that is, 30 to 50 percent of the area median. Similarly, we are offering County land parcels to be dedicated for housing that is affordable to people with lower incomes. With 20,000 households in Montgomery County earning less than $31,000 per year and paying more than half their income on rent, we must continue creating and preserving housing that is affordable to people at lower income levels.”

To support the construction, the County provided a $2.5 million HOME loan and a Payment in Lieu of Taxes (PILOT) agreement. The loan and PILOT support affordability, with five units available at 30 percent of Area Median Income (AMI), five units at 50 percent of AMI, 63 units at 60 percent of AMI, and three units at 70 percent of AMI.

Other project financing includes $10 million in Freddie Mac Financing; $8.7 million in Low-Income Housing Tax Credit proceeds; $2.5 million in State Rental Housing Works; and $3.7 million in Mission First Loan/Deferred Developer Fee/Seller Financing. The total project development cost is $27.4 million.

The 76-unit apartment property is located next to a Ride On Route 90 stop. When complete, the building will include a community and sitting room, fitness room, library/meeting room and bike storage. It will be developed with Energy Star HVAC systems; Energy Star windows; energy efficient lighting and plumbing fixtures; and compliance with National Green Building Standards.

The developers for the apartment community are St. Anne’s Community Development LLC and Mission First Development Corporation.

“DHCA continues working with affordable housing developers to increase the supply of affordable housing and preserve our existing affordable housing,” said Aseem K. Nigam, director of the Department of Housing and Community Affairs. “This effort includes much-needed affordable housing for seniors and I am glad that we could help provide the financing to achieve that here.”

Montgomery County is applying every available policy tool and financial resource to help reduce housing cost burdens by increasing the number of affordable, rent-regulated housing units; providing rent supports; and preserving current affordable housing while protecting tenants from displacement.

For other recent news about affordable housing properties for seniors, see Montgomery County Supports Affordable Housing for Seniors at Silver Creek Senior Living Apartments and Montgomery County Supports Innovative Transformation of Office Complex Into ‘Sandy Spring Village’ Affordable Housing for Seniors.

For more information on Montgomery County’s housing program, see the DHCA Annual Report.

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Now in its 17th year, the Kensington Day of the Book Festival is a family-friendly street festival featuring 150+ renowned authors, poets, and literary organizations. Enjoy live music on five stages, special guest speakers, military veteran writers and comedians, poetry readings, cookbook demos, children's program, and much more.

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Not your average book festival! This festival offers something for everyone!

17th Annual Kensington Day of the Book Festival

Sunday, April 21, 2024, 11am-4pm (held rain or shine!)

Howard Avenue, Kensington, MD 20895

www.dayofthebook.com

Instagram: @kensingtonbookfestival

Contact: Elisenda Sola-Sole, Festival Director

[email protected]

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FEST OF SPRING Caribbean Wine Food & Music Festival

Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.

Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.

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Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.

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Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.

LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!

MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME

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