Montgomery County has partnered with Habitat for Humanity and AHC to build nearly 200 multi-family homes, located at Randolph Road and Bushey Drive, near Veirs Mill Road, in Silver Spring (Wheaton-Glenmont)– the project broke ground this week. According to Montgomery County Executive Marc Elrich, the county was able to leverage the land value, coupled with reduced property taxes, through the County’s PILOT program and a substantial loan from the County’s Housing Initiative Fund, which enabled this construction to move forward despite dramatic increases in both construction costs and interest rates.
“I am thrilled that this will include homeownership options for low-income residents. When we began discussing this project, I pushed for home ownership opportunities, and I am grateful to our partners for making sure that was included. It is an outstanding, innovative project. Because affordable housing is a priority, we must seek out partnerships and ideas like this to spark projects that deliver many deeply affordable units and benefit a broad range of wage earners.” said Elrich.
Elrich added “The groundbreaking today is similar to several projects I have discussed in which we plan to leverage County-owned land and ask developers to bring us creative affordable housing projects. I was recently updated on the responses we received for the RFPs we put out on 18 County-owned parking garages and we will have some good news on that front. This week in our CIP recommendations, we had great news in terms of our Naturally Occurring Affordable Housing (NOAH) loans being repaid so quickly that we are able to “re-use” $30.2 million for additional lending for NOAH preservation projects.”