For immediate release: Tuesday, September 13, 2022
The Montgomery County Department of Housing and Community Affairs (DHCA) helped fund, with a $5,342,517 loan from the Housing Initiative Fund (HIF) over 40 years, to support preservation and renovation of 177 affordable units at Parkside Landing Apartments in Rockville. Through loans, DHCA supported the preservation of 118 affordable units and the production of an additional 59 affordable units – for a total of 177 units now affordable.
Parkside Landing Apartments has a total of 236 garden-style, one-, two-, and three-bedroom apartments. The City of Rockville’s public housing agency, Rockville Housing Enterprises, Inc. (RHE), acquired the building in 2012 to preserve the affordable rental community and recently completed a comprehensive renovation.
A groundbreaking and grand reopening ceremony for the project took place today. Until recently, the property was called Fireside Park Apartments.
“We continue to work to protect, preserve and produce dedicated affordable housing,” said Montgomery County Executive Marc Elrich. “At Parkside Landing, we have protected tenants from displacement; preserved 118 existing affordable housing units; and produced, through a loan agreement, 59 additional affordable housing units. Together, we have completed 177 affordable housing units near Metrorail that have been modernized, with energy-efficient upgrades. More broadly, we have $140 million available for affordable housing in FY23, including $100 million for capital lending. We have dedicated at least $40 million of these capital loans to preserve the affordability of up to 700 units facing mounting rent pressures, including properties near transit like the Purple Line.
The HIF loan provided by Montgomery County supports income-contingent affordability for 177 of 236 apartments. This means that 18 housing units are priced for tenants whose income is 30% of the region’s median income (AMI); 159 units are priced at 60 percent of the AMI; and 59 units are at market price.
Other funding for the project was provided by four percent Low Income Housing Tax Credits (LIHTC), funding by Maryland CDA Tax Exempt Bonds (Permanent and Building Loans), State of Maryland Rental Housing Works, a grant from the City of Rockville, energy grants and a deferred developer equity fee. The existing PILOT (Payment in Lieu of Taxes) remained in place. The total cost of the project is approximately $63 million.
Parkside Landing is located within walking distance of the Rockville Metro Station and downtown Rockville and is adjacent to Dogwood Park. Support services offered to residents include after-school tutoring, health and wellness supports, and financial literacy training for adults.
“DHCA continues to work with affordable housing developers to protect tenants, preserve our existing affordable housing, and produce new affordable housing,” said Aseem K. Nigam, director of the Department of Housing and Community Affairs. “At Parkside Landing, we have preserved and produced 177 affordable housing units within walking distance of public transit.
Renovations in the unit included new kitchens, bathrooms, flooring, and individual HVAC units. The project also included the renovation of common and outdoor areas such as architectural improvements, landscaping, drainage, doors and locks, balcony repairs, insulation, rental office, community programming area with Internet, and more.
Montgomery County is applying all available policy tools and financial resources to help reduce the burden of housing costs by increasing the number of affordable and rent-regulated housing units; provide rental assistance; and preserve existing affordable housing while protecting tenants from displacement.
For other recent news on affordable housing in Montgomery County, see:
For more information on the Montgomery County Housing Program, see the DHCA Annual Report.
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Build ID: 22-474
Media Contact: Lorraine Driscoll 240-461-5497
Link to photos or video: https://cop.kr/s/aHBqjA6Ynz