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.