The county’s Department of Housing and Community Affairs (DHCA) has provided funding for the construction of an apartment building along the Purple Line Corridor in Silver Spring.
Park Montgomery West, an affordable rental apartment building at 8856 Piney Branch Rd., will help preserve and meet the growing demand for affordable, transit-oriented housing, county officials announced.
DHCA facilitated $10.6 million in financing as well as a Payment in lieu of Taxes (PILOT) agreement with nonprofit Enterprise Community Development, Inc. (ECD) to support the construction of 76 new apartments and the renovation of 141 existing apartments. ECD recently announced plans to redevelop the Springvale Terrace senior housing community, located near the Dale Drive station on the upcoming Purple Line.
ECD’s affordable units are exempt from county real estate taxes under the PILOT agreement, according to a county press release. The financing of affordable housing at Park Montgomery West comes after County Executive Marc Elrich signed Rent Stabilization Bill 15-23, which limits rent increases to inflation plus 3 percent, with a total cap of 6 percent per year.
