Per Montgomery County: The Montgomery County Department of Housing and Community Affairs (DHCA) participated in financing, with a 40-year Housing Initiative Fund (HIF) loan of $5,342,517, to support preservation and renovation of 177 affordable units at Parkside Landing Apartments in Rockville. Through lending, DHCA supported preserving 118 affordable units and producing 59 additional affordable units – for a total of 177 units now priced affordably.
Parkside Landing Apartments has a total of 236 garden-style, one-, two- and three-bedroom apartment units. The City of Rockville’s public housing agency, Rockville Housing Enterprises, Inc. (RHE), acquired the apartment property in 2012 to preserve the affordable rental community and recently completed a full renovation.
A ribbon cutting and grand reopening celebration for the project was held today. Until recently, the property was called Fireside Park Apartments.
“We continue working to Protect, Preserve and Produce dedicated affordable housing,” said Montgomery County Executive Marc Elrich. “At Parkside Landing, we protected tenants from displacement; preserved 118 existing affordable units; and produced, through lending agreement, 59 additional affordable housing units. All together, we achieved 177 affordable housing units near Metrorail that have been modernized, with energy efficiency improvements. More broadly, we have $140 million available for affordable housing in FY23, with $100 million of that for capital lending. We have dedicated at least $40 million of that capital lending to preserve affordability of up to 700 units facing increasing rent pressures, including properties near transit like the Purple Line.”
The HIF loan provided by Montgomery County supports income-restricted affordability for 177 of the 236 apartment units. That means 18 housing units are priced for tenants with incomes at 30 percent of the area median income (AMI); 159 units are priced at 60 percent of the AMI; and 59 units are priced at market rate.
Other project financing was provided by four percent Low Income Housing Tax Credits (LIHTC), Maryland CDA Tax Exempt Bond financing (permanent and construction loans), State of Maryland Rental Housing Works, a grant from the City of Rockville, energy subsidies and deferred developer fee equity. The existing PILOT (Payment in Lieu of Taxes) remained in place. The total project cost is approximately $63 million.
Parkside Landing is located within walking distance of the Rockville Metro Station and Downtown Rockville and is adjacent to Dogwood Park. Supportive services available to residents include after-school tutoring, health and wellness supports and adult financial literacy training.
“DHCA continues working with affordable housing developers to protect tenants, preserve our existing affordable housing and produce new affordable housing,” said Aseem K. Nigam, director of the Department of Housing and Community Affairs. “At Parkside Landing, we preserved and produced 177 affordable housing units within walking distance of transit.”
The in-unit renovations included new kitchens, bathrooms, flooring and individual HVAC units. The project also included renovation of common and exterior areas such as architectural enhancements, landscaping, drainage, doors and locks, balcony repairs, insulation, rental office, community programming area with internet, and more.
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 in Montgomery County, see:
- Montgomery County to Develop Affordable Housing, Add Parks and Operate Parking Garage in Downtown Bethesda
- Montgomery County Supports Preservation of Affordable Housing at 515 Thayer Ave. in Silver Spring
- Montgomery County Supports Preservation of Affordable Housing at Snowden’s Ridge
- Sites Available for Affordable Housing Development
- Montgomery County Supports Affordable Housing to be Built Adjacent to St. Anne’s Episcopal Church in Damascus
- Montgomery County Supports Affordable Housing for Seniors at Silver Creek Senior Living Apartments
- 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.