Governor Wes Moore plans to invest $6.3 million toward 200 affordable rental housing units in Montgomery County.
Earlier this week, Governor Wes Moore unveiled $6.3 million in support toward the construction of more than 200 affordable rental housing units, approved during the most recent Board of Public Works meeting. The Maryland Department of Housing and Community Development will provide $3.5 million through the Rental Housing Works Program and $2.8 million from the Partnership Rental Housing Program to support two affordable housing projects in Silver Spring.
According to the press release:
“The Rental Housing Works and Partnership Housing Rental programs help ensure all Marylanders have equitable access to housing,” said Gov. Wes Moore. “Working with local leadership and development partners, we are increasing the number of affordable housing units available throughout the state.”
“The more than 200 additional units of high-quality, affordable housing for Maryland families and individuals, promotes the department’s mission to provide shelter for all and increase the supply of affordable housing in the state,” said Maryland Department of Housing and Community Development Secretary Jake Day. “Using the department’s resources, local partners and developers are able to leverage the funding to bring more affordable housing to Montgomery County and benefit its residents.”
The department’s Rental Housing Works and Partnership Housing Rental programs provide financing for projects that create or preserve affordable rental housing units. The Rental Housing Works program finances rental housing that will be occupied by individuals with incomes at 60% of area median income. The Partnership Rental Housing Program finances rental housing that will be occupied by individuals with income of 50% below State-wide area median income. Through other programs, the department’s total investment in the two projects is more than $73 million.
The two projects include:
- Park Montgomery, 8860 Piney Branch Road, Silver Spring
$3.5 million in funding will support the new construction of a 141-unit housing development that will offer units for families in Silver Spring, Montgomery County. The apartment units will be a mix of one-, two-, and three-bedroom units and are restricted to households earning 30%, 50%, and 60% or less of the Area Median Income.
- Sligo Apartments 4, 715 Sligo Avenue, Silver Spring
$2.8 million in funding will support the new construction of a 56-unit, mid-rise apartment community in Silver Spring, Montgomery County. The project will offer one- and two-bedroom units and will serve households with incomes between 30% and 80% of the Area Median Income.