“Our approach is to Protect, Preserve and Produce dedicated affordable housing – protecting tenants from displacement while we produce needed new affordable units,” said Montgomery County Executive Marc Elrich. “At 515 Thayer, we are protecting tenants from displacement and preserving NOAH housing before it was lost to rising rents. In FY22, the County committed $69 million in low-cost loans to support long-term control of rents on over 1,200 units, including preserving 627 units in 11 properties and producing 587 new units in six properties—which includes repurposed office buildings and on church-owned land.  To protect more tenants and produce even more affordable housing, I recommended, and Council approved, $140 million for affordable housing, with $100 million of that for capital lending—two-and-a-half-times previous budgets.  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 County provided a $6 million HIF loan in 2021 to support the recapitalization and full renovation of the property.