Affordable Housing Dedicated, Parkside Landing Apartments in Rockville

By
Industry Observer with Retired

Affordable Housing Dedicated at Parkside Landing Apartments in Rockville

parkside apt

The Montgomery County Department of Housing and Community Affairs (DHCA) participated in financing, with a 40-year Housing Initiative Fund (HIF) loan of $5,342,517, to support preservation and renovation of 177 affordable units at Parkside Landing Apartments in Rockville. Through lending, DHCA supported preserving 118 affordable units and producing 59 additional affordable units – for a total of 177 units now priced affordably.

Parkside Landing Apartments has a total of 236 garden-style, one-, two- and three-bedroom apartment units. The City of Rockville’s public housing agency, Rockville Housing Enterprises, Inc. (RHE), acquired the apartment property in 2012 to preserve the affordable rental community and recently completed a full renovation.

A ribbon cutting and grand reopening celebration for the project was held earlier this week. Until recently, the property was called Fireside Park Apartments.

“We continue working to protect, preserve and produce dedicated affordable housing,” said Montgomery County Executive Marc Elrich. “At Parkside Landing, we protected tenants from displacement; preserved 118 existing affordable units; and produced, through lending agreement, 59 additional affordable housing units. Together, we achieved 177 affordable housing units near Metrorail that have been modernized, with energy efficiency improvements. More broadly, we have $140 million available for affordable housing in FY23, with $100 million of that for capital lending. We have dedicated at least $40 million of that capital lending to preserve affordability of up to 700 units facing increasing rent pressures, including properties near transit like the Purple Line.”

The HIF loan provided by Montgomery County supports income-restricted affordability for 177 of the 236 apartment units. That means 18 housing units are priced for tenants with incomes at 30 percent of the area median income (AMI); 159 units are priced at 60 percent of the AMI; and 59 units are priced at market rate.

Other project financing was provided by four percent Low Income Housing Tax Credits (LIHTC), Maryland CDA Tax Exempt Bond financing (permanent and construction loans), State of Maryland Rental Housing Works, a grant from the City of Rockville, energy subsidies and deferred developer fee equity. The existing PILOT (Payment in Lieu of Taxes) remained in place. The total project cost 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. Supportive services available to residents include after-school tutoring, health and wellness supports and adult financial literacy training.

“DHCA continues working 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 preserved and produced 177 affordable housing units within walking distance of transit.”

The in-unit renovations included new kitchens, bathrooms, flooring and individual HVAC units. The project also included renovation of common and exterior areas such as architectural enhancements, landscaping, drainage, doors and locks, balcony repairs, insulation, rental office, community programming area with internet, and more.

Montgomery County is applying every available policy tool and financial resource to help reduce housing cost burdens by increasing the number of affordable, rent-regulated housing units; providing rent supports; and preserving current affordable housing while protecting tenants from displacement.

For other recent news about affordable housing in Montgomery County, see:

For more information on Montgomery County’s housing program, see the DHCA Annual Report.

This is a Montgomery County, Maryland announcement.

 

Kentlands Photowalk, Gaithersburg, Maryland USA IMG 5538
Canon PowerShot G11 Camera
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Comments (13)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Affordable housing is so welcoming Roy and it's nice to see new ones are being constructed!

Sep 25, 2022 04:39 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for the blog, relax and watch some football today. Bill

Sep 25, 2022 05:38 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Roy. Always nice to hear about affordable housing properly done. Enjoy your day.

Sep 25, 2022 05:50 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I love hearing about affordable housing being developed, there is definitely a great need for it throughout the country.

Sep 25, 2022 06:19 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roy, so happy to see more affordable housing, even if it is apartments.   People have to live somewhere!

Sep 25, 2022 07:11 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Roy this is great and thank you for sharing this information with us here in the Rain.  Make it a great Sunday!

Sep 25, 2022 08:03 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

It's good to see that Rockville is going to have affordable housing available for its citizens.

Sep 25, 2022 05:26 PM
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

In NYC, we have both affordable rentals and income restricted apartments for purchase- so I am also well versed in the AMI numbers. While rentals tend to be 80% of the AMI or lower, most apartments for sale have a cap of 120% or 165% of the AMI (and in a few buildings it's as high as 250% of the AMI- and set for a minimum family size of 4 - even if the buyer is single they get to take advantage of the higher figure). These days, I have been staying clear of most of these income restricted co-op's as too many are infighting with how to manage the building (i.e. do we permit buyers receiving family gift money to buy - often all cash buyers, do we allow sublets, what should we set the AMI number to, what should we set the flip tax to, etc). After experiencing a couple of co-op board rejections of my buyers, I have backed away from working with these buildings. The exception are the 250% AMI buildings that do not have the ability to reject the buyer unless they earn in excess of the AMI figures- otherwise, they only have the right of first refusal similar to a condo. 

Sep 26, 2022 05:30 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments. It is always good to hear from you.

Sep 26, 2022 05:41 AM