Per Montgomery County:
For Immediate Release: Friday, May 6, 2022
The Montgomery County Department of Housing and Community Affairs (DHCA) participated in financing to support preservation and renovation of 87 units of deeply affordable family-size apartments at Snowden’s Ridge. APAH, a nonprofit developer headquartered in Arlington, VA, acquired Snowden’s Ridge in 2019 to preserve a deeply affordable rental community. The 87-unit complex will maintain in-place housing choice vouchers for all residents, making it accessible to families at 30 percent or below the area median income (AMI).
The property, located at 2035 Harlequin Terrace, Silver Spring, held its grand reopening celebration Friday. This is APAH’s first property in Montgomery County, as well as the State of Maryland. “Here at Snowden’s Ridge, the County supported preservation of existing affordable housing,” said Montgomery County Executive Marc Elrich. “To expand affordable housing efforts, I proposed $140 million housing budget – the largest in County history – including a dedicated $40 million NOAH fund to preserve affordable housing. Preserving affordability preserves communities and protects families from displacement. We need the $40 million NOAH Fund to protect more residents, as we did here at Snowden’s Ridge.”
The County provided a $1.5 million CDBG loan and $1.25 million HIF loan in 2019 to support the acquisition. When the initial HIF loan was repaid, the property retained the existing CDGB loan and the County provided a new $5 million HIF loan for recapitalization and renovation, along with a Payment in Lieu of Taxes (PILOT) agreement. The loans and PILOT provided by Montgomery County support affordability, with all 87 apartment units utilizing project-based vouchers targeting families at 30 percent AMI. The property includes 12 one-bedroom units; 21 two-bedroom units; and 54 three-bedroom units. Five units were converted to be fully accessible.
“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 at Snowden’s Ridge preserved deeply affordable housing for families, which is extremely important.”
Other project financing includes TRUIST Community Capital along with Maryland DHCD/CDA tax-exempt bonds of $19.65 million; Maryland DHCD/CDA Rental Housing Works financing of $2.5 million; Low Income Housing Tax Credit (LIHTC) equity proceeds of $10.01 million; and, $491,905 of deferred developer fee. The total project development cost is $39.9 million.
The in-unit renovations include new flooring, kitchens, bathrooms, heating, and cooling systems, and new in-unit washer and dryers in lieu of shared laundry facilities. Additionally, a new community center has been built which will house on-site leasing and resident services. Supportive services will address workforce development, health and wellness, housing and family stability, and education. The renovation also includes free wireless internet for all residents through MoCo Net.
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 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;
- Montgomery County Supports Affordable Housing to be Built Adjacent to St. Anne’s Episcopal Church in Damascus
- Sites Available for Affordable Housing Development
For more information on Montgomery County’s housing program, see the DHCA Annual Report.
Feature photo courtesy www.apah.org