SILVER SPRING — Enterprise Community Development, Inc. has closed on the financing for the development of 76 new affordable apartments, Park Montgomery West, and the renovation of the 141-unit Park Montgomery Apartments, an existing apartment community located at 8860 Piney Branch Road in Silver Spring, Maryland. The preservation and addition of transit-oriented affordable housing along the Purple Line and in the wealthiest county in the state utilized Low Income Housing Tax Credits (LIHTC)-- 9% for the new apartments and 4% for the existing building.
Originally built in 1971, Park Montgomery is a 15-story, high-rise apartment building with an adjacent two-level parking garage. Consistent with efforts by Montgomery County and the Purple Line Corridor Coalition to create more affordable housing opportunities along Metro lines, Enterprise Community Development will demolish and replace the existing parking garage with a new five-level building to accommodate the addition of 76 new apartments. All 217 Park Montgomery apartments will serve households earning 60 percent or less of the area median income.
Located on MDOT MTA’s Purple Line, just a quarter mile from the future Piney Branch station, Park Montgomery and Park Montgomery West are approximately two miles east of downtown Silver Spring, providing residents convenient access to public transportation, amenities, shopping and entertainment.
“Park Montgomery and Park Montgomery West add much needed metro and light rail-accessible affordable housing in Montgomery County, supporting lower income, working class households with access to their jobs, incredible schools and world-class amenities,” said Rob Fossi, Senior Vice President of Real Estate Development, Enterprise Community Development. “On behalf of the residents and communities that we serve, Enterprise celebrates our dedicated partners and the combination of LIHTC equity and investments by the state and the county that not only preserve existing affordable rental housing but also help produce new affordable housing in this high cost, community of opportunity.”
The development cost for the project totals approximately $74 million. Funding for the project includes a senior mortgage arranged by Bellwether Enterprise, LIHTC equity provided through Enterprise’s housing credit investment business, and significant funding from both the State of Maryland Community Development Administration and the Montgomery County Department of Housing and Community Affairs. Enterprise Community Development will also be using 28 housing assistance payment vouchers through the Montgomery County Housing Opportunity Commission for both Park Montgomery and Park Montgomery West.
Montgomery County Executive Marc Elrich said, "Too often, when a neighborhood increases its amenities, the existing residents are forced out because of unaffordable rents. As the Purple Line station comes to the neighborhood, this project preserves, improves and expands affordable housing options. I appreciate the partnership with Enterprise and the State and look forward to continuing our efforts to build a more equitable and prosperous community for all.”
"These new developments will both expand the supply of affordable housing in the state and preserve the existing and critical affordable housing we have,” said Maryland Department of Housing and Community Development Secretary Jake Day. “With the help of partners like Enterprise Community Development, we will continue to work towards our goal of providing healthy, safe, affordable, dignified housing options for all Marylanders.”
Soto Architecture & Urban Design is the project architect and Harkins Builders serves as the general contractor on both the new construction building and the renovations of the existing building. Charles P. Johnson & Associates is the civil engineer on the project. Enterprise Residential is providing property management and resident services.
Park Montgomery is a unique development that will build on Enterprise Community Development’s long-term commitment to providing quality affordable housing in Maryland. Enterprise Community Development has developed countless affordable homes for residents in the area in support of Enterprise’s founding mission, to help reduce and break down the cycle of poverty by ending housing insecurity.
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Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. We specialize in high-impact residential development, preservation, property management and resident services for more than 23,000 people who call our communities home. Our $1.3 billion portfolio includes 115 communities and 13,000 homes, positioning us as one of the top ten nonprofit owners of affordable housing in the United States. Our mission is to uplift communities. More than 20 percent of our revenues are reinvested in programs and services to advance our residents’ social, educational, financial and physical well-being. For more information, visit www.enterprisecommunitydevelopment.org.
Contact:
Amy Burke Friedman
410-382-5496
afriedman@profilespr.com