Montgomery County is doubling down on its commitment to affordable housing with the recent unveiling of Park Montgomery West, an extension of the existing Park Montgomery development in Silver Spring, which, along with its counterpart, presents a combined offering of 217 affordable housing units in a strategic nod to the need for transit-oriented living spaces, according to a detailed announcement by the Montgomery County government. Montgomery County Executive Marc Elrich and key players from Enterprise Community Development were in attendance at the celebratory event, marking the project's completion and spotlighting the County's escalating efforts to address housing affordability.
Park Montgomery and its new addition, Park Montgomery West, are sited less than a quarter mile from the future Piney Branch station and aim to provide stability in a neighborhood where rent hikes could easily displace current residents. The approximate $167,912 annual value from Payment in Lieu of Taxes (PILOT) agreements for Fiscal Year 2025 is a testament to the County's financial engagement in this vision, a cooperation that keeps "neighborhoods affordable and open up transit-accessible options for residents," Marc Elrich told Montgomery County news services.
Funding mechanisms for this dual-phase project were innovative and included leveraging both 9% and 4% Low Income Housing Tax Credits (LIHTC), a strategy not typically embraced in such endeavors, effectively twinning the two tax credits for heightened impact. In the intricate funding puzzle that made Park Montgomery West a reality, the Maryland Community Development Administration was also a financial supporter, while 28 housing assistance payment vouchers injected through the Montgomery County Housing Opportunities Commission are poised to cushion affordability for both the old and new units.
Ensuring that homes cater to a spectrum of household sizes, the developed units span from one to three bedrooms and are all designed to be affordable for households earning between 30% and 60% of the Area Median Income (AMI). "By keeping 141 units affordable, there are families who will not get priced out of the Long Branch neighborhood. By building 76 new affordable units, additional low- and moderate-income households will have a place to call home," DHCA Director Scott Bruton echoed in the county's statement; prospective residents eager to join the Park Montgomery communities can now access applications and further information online.
While the Park Montgomery project serves as a clear statement of priorities, it is not an anomaly—Montgomery County's Department of Housing and Community Affairs (DHCA) celebrated a surge in affordable units, stating a nearly 87% increase in housing created or preserved through county outcomes, marking significant strides since the start of 2023. Thanks to these noteworthy advances, the county's investments have enabled the securing or preservation of 4,397 affordable housing units, a figure that nods to the County's focused resolve in keeping pace with the ever-pressing housing demands of its diverse population.
