The county has agreed to provide more than $280,000 in loans over three years to help the members of the Leeland Tenants Association in Takoma Park buy their apartment building and facilitate their ownership of their homes.
Leeland Apartments is a 15-unit, garden-style apartment building located at 112 Lee Ave. in Takoma Park. The tenant association plans to convert it into a limited equity co-op structure, according to a press release. The funding will come from the county’s Affordable Housing Opportunity Fund.
“The new Affordable Housing Opportunity Fund is designed to provide critical, readily available funding to acquire properties to preserve affordability and protect tenants from displacement” County Executive Marc Elrich said in the release. “Expanding homeownership is an important goal of my administration and part of a successful affordable housing strategy.”
The tenant association’s short-term financing package to purchase the building also includes a $532,000 private loan, a $1,437,500 loan from City First Enterprises and a $250,000 loan from the National Housing Trust Community Development Fund, along with a $600,000 grant from the state’s Department of Housing and Community Development (managed by Takoma Park).
Leeland Apartments includes two units serving households at or below 30% of Area Median Income, four units serving households with income between 30 and 50% AMI; five units serving households with income between 50 and 60% AMI, and four units serving households with incomes between 60 and 80% AMI.
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