Stakeholders held a groundbreaking this week for a new affordable housing development in East Silver Spring.
All 98 apartments in the Sligo Apartments building at 715 Sligo Ave. are reserved for individuals with incomes between 30% and 80% of the area’s median income, currently $91,970 for a household of four. Additionally, nine units are designated for people with disabilities, three will meet Uniform Federal Accessibility Standards (UFAS) qualifications, and one unit will be reserved for a resident who is UFAS-qualified for impaired vision or hearing.
The development will be the first to benefit from the county’s Speed to Market initiative and Payment in Lieu of Taxes agreement. It will include 25 moderately-priced dwelling units (MPDUs) with an affordability period of 99 years, according to County Executive Marc Elrich.
Rockville-based Green Street Housing proposed the project in 2021, receiving county approval last year. The project’s site plan amendment was finalized in June.
According to Commercial Observer, the Green Street/TM Associates Development joint venture is set to receive $25.6 million in Low-Income Housing Tax Credit (LIHTC) equity from McLean, Va.-based Capital One, as well as $10.5 million in Freddie Mac debt to partially finance the property. Additionally, a $28.9 million construction loan is also included in the financing package.
Sligo Apartments will offer services to tenants to promote self-sufficiency for parents and youths. Additionally, educational classes and job training will be provided, according to Green Street.
“What a thrill to join @GreenStHousing and an incredible team of folks who are making affordable housing a reality in our community,” Maryland Delegate Lorig Charkoudian said on social media. “Groundbreaking for the Sligo Apartments, which will provide 98 families with affordable, stable housing in the very near future.”
Montgomery County photo
What a thrill to join @GreenStHousing and an incredible team of folks who are making affordable housing a reality in our community. Groundbreaking for the Sligo Apartments, which will provide 98 families with affordable, stable housing in the very near future. pic.twitter.com/1n5pu3Noia
— Lorig Charkoudian (@LCharkoudian) November 27, 2023
Groundbreaking news! Silver Spring's new Sligo Apartments, a mixed-income development, is the 1st to benefit from the County's Speed to Market Initiative & Payment in Lieu of Taxes agreement, & will feature 25 MPDU Units, w/an affordability period of 99 years. TY to all involved! pic.twitter.com/P0SivXyxfq
— County Exec Marc Elrich (@MontCoExec) November 27, 2023