Baltimore-based Enterprise Community Development Inc. has closed on the financing on a $74 million project for the development and renovation of 217 affordable housing units in Montgomery County along the proposed Purple Line transit system.
Enterprise plans to create the 76-unit Park Montgomery West building and renovate the 141-unit Park Montgomery Apartments, an existing apartment community at 8860 Piney Branch Road in Silver Spring
The preservation and addition of transit-oriented affordable housing along the proposed Purple Line transit system and in the wealthiest county in the state utilized Low Income Housing Tax Credits (LIHTC) — 9% for the new apartments and 4% for the existing building.
Originally built in 1971, Park Montgomery is a 15-story, high-rise apartment building with an adjacent two-level parking garage. Consistent with efforts by Montgomery County and the Purple Line Corridor Coalition to create more affordable housing opportunities along Metro lines, Enterprise Community Development will demolish and replace the existing parking garage with a new five-level building to accommodate the addition of 76 new apartments.
All 217 Park Montgomery apartments will serve households earning 60% or less of the area median income.
Located on MDOT MTA’s Purple Line, just 1/4 mile from the future Piney Branch station, Park Montgomery and Park Montgomery West are approximately two miles east of downtown Silver Spring, providing residents access to public transportation, amenities, shopping and entertainment.
Funding for the project includes a senior mortgage arranged by Bellwether Enterprise, a LIHTC equity provided through Enterprise’s housing credit investment business, and significant funding from both the Maryland Community Development Administration and Montgomery County Department of Housing and Community Affairs. Enterprise Community Development will also be using 28 housing assistance payment vouchers through the Montgomery County Housing Opportunity Commission for both Park Montgomery and Park Montgomery West.
Soto Architecture & Urban Design is the project architect and Harkins Builders serves as the general contractor on both the new construction and the renovations on the existing building. Charles P. Johnson & Associates is the civil engineer on the project. Enterprise Residential is providing property management and residential services.