County Council Approves Nearly $20 Million for New Nonprofit Housing Preservation Fund


The Office of Montgomery County Council President Andrew Friedson issued the following news release on Wednesday, April 3:

The Montgomery County Council voted Tuesday to approve nearly $20 million to begin funding the new Nonprofit Preservation Fund, introduced by Council President Andrew Friedson, which will provide capital lending to nonprofit housing developers to preserve existing affordable housing. It is expected that more than 4,500 affordable units will be preserved, once the Nonprofit Housing Preservation Fund reaches $50 million. Montgomery County’s initial investment of $20 million will help preserve more than 1,800 units of affordable housing over the next year.

“This historic level of new dedicated funding to preserve naturally occurring affordable housing reflects our meaningful and unyielding commitment to providing accessibly priced housing options for our residents, said Council President Friedson, who serves as the chair of the Planning, Housing and Parks (PHP) Committee. “As the largest investment of its kind across our region, this is yet another tool in our toolkit to combat the housing crisis. This approach is modeled after the extremely successful, nationally recognized Housing Production Fund, which has been replicated in jurisdictions across the nation.

“This approach has been years in the making and is the second piece of two revolving housing funds to accelerate the preservation and production of affordable housing–the $100 million investment to help the Housing Opportunities Commission supercharge their ability to execute projects in their pipeline and this revolving loan fund to support nonprofit affordable housing partners. Working in partnership with our nonprofit organizations, once the program is fully funded at the $50 million level, we could preserve roughly half of the at-risk naturally occurring affordable units in Montgomery County.”

According to the 2020 Planning Department Preservation Study, Montgomery County is at risk of losing 7,000 to 11,000 unrestricted, naturally occurring affordable housing units by 2030. The PHP Committee began exploring the creation of an affordable housing preservation revolving fund in 2022, and after years of work with public and private partners, PHP Chair Friedson proposed the establishment of a $50 million Nonprofit Preservation Fund in 2023.

The Nonprofit Preservation Fund is modeled after the Housing Production Fund, a $100 million revolving loan facility administered by the Housing Opportunities Commission. Funds are expected to revolve based on refinancing or redevelopment financing. The nearly $20 million is the first tranche of funding toward the new Nonprofit Preservation Fund which is expected to reach its $50 million funding goal by the start of next fiscal year on July 1.

The Nonprofit Preservation Fund will support efforts by the County’s nonprofit development partners to preserve these at-risk properties and will provide much needed additional capital to preserve and create affordable housing units.

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Admission is free, and attendees will also be able to explore a marketplace of books and food offerings from local vendors.

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]

301-949-9416 (text preferred)

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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.

As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.

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.

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MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME

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