Developers break ground on Silver Spring affordable apartment community

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Green Street Housing and TM Associates Development, two of Maryland’s largest affordable rental housing developers, hosted a groundbreaking ceremony Monday for Sligo Apartments, a 98-unit apartment community in Silver Spring.

Sligo Apartments, at 715 Sligo Ave., is a new construction residential development that is 100% affordable with restricted rents. The property is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One, which is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development.

The co-developers, Green Street Housing and TM Associates Development, have developed many similar projects across Maryland and are proud of Sligo’s promise to provide affordable housing to its residents and serve as a long-term community asset to Silver Spring and the surrounding area.

Sligo Apartments will be a five story, elevator building with a podium parking garage. Sligo Apartments will serve Silver Spring families, offering a mix of one-, two- and three-bedroom apartments and will serve incomes between 30% to 80% of the area median income.

Green Street Housing is a Salisbury-based affordable housing developer whose principals have many years of development experience and over $100s of millions in closed transactions in the region. Green Street Housing takes great pride in its green-building practices which include Energy Star building practices and on-site solar energy production at all its Maryland affordable apartment communities.