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.