Prince George’s County continues to leverage a law intended to slow down gentrification. The latest deal was announced this week.
A majority of units at a 30-acre apartment complex in Landover Hills, The Verona, will stay affordable for at least 15 years, according to a deal struck by county officials with private investors, who stepped in when the complex went on the market recently.
The Prince George’s County Department of Housing and Community Development (DHCD) exercised its Right of First Refusal (ROFR) in the purchase of Verona, according to an announcement from the county.
The deal gives private sector investors lucrative tax breaks in exchange for an agreement to keep rents affordable for a majority of units here for 15 years, according to Jose Sousa, Assistant Deputy Chief Administrative Officer for Economic Development for Prince George’s County.
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