Most affordable housing in MARYLAND

0
88

Montgomery County Executive Marc Elrich announced the opening of the Affordable Housing Opportunities Fund (AHOF), which relies on $14 million in local government revolving funds that can be combined with private loans for short-term loans. term to acquire and preserve affordable housing in that jurisdiction.

He announced that the National Housing Trust Community Development Fund (NHTCDF) was selected as manager of the aforementioned AHOF fund. The former is a community development financial institution dedicated to creating and preserving affordable housing.

As fund manager, the NHTCDF will coordinate developer requests and organize private capital to be matched with Montgomery County funds to respond quickly to opportunities as they arise.

“Montgomery County could lose as many as 11,000 affordable housing apartment units by 2030, and too often affordable housing developers miss out on preserving these units because they can’t access fast, short-term financing,” he explained. Elrich.

“And to prevent the loss of affordable housing and protect renters from being displaced, we are providing developers with critical and readily available financing to acquire properties while preserving affordability,” he said.

He said the fund provides necessary capital to developers with a competitive offer and offers current tenants the opportunity to remain in their community at affordable rents.

“This is a strategy to ensure that more households in the county avoid paying rent that exceeds 50 to 60 percent of their total income,” he said, adding that “Montgomery County residents should never have to choose between paying the rent and buy food, medicine or clothing for their families.

He also announced that the National Housing Trust Community Development Fund is now accepting applications for Affordable Housing Opportunities Fund (AHOF) funding from affordable housing developers who wish to purchase properties to preserve affordability and protect renters from displacement. .

“We are leveling the playing field by creating the Affordable Housing Opportunities Fund, because it is the case that some of its developers have easy access to capital, while others do not,” said Aseem K. Nigam, director of the Department of Housing and Community Affairs of Montgomery. «

Basic loan terms and information about the application process are available on the NHTCDF and DHCA websites.

Comments are closed.