Green Street Gets $56M Silver Spring Affordable Housing Development Underway
A joint venture between Green Street Housing and TM Associates Development broke ground Monday on the Sligo Apartments, a $55.5 million affordable housing development in Silver Spring, Md.
Located at 715 Sligo Avenue, the development of the 98-unit property is being financed in part by $25.6 million in Low-Income Housing Tax Credit (LIHTC) equity originated by Capital One (COF), along with $10.5 million in Freddie Mac debt. The financing also included a $28.9 million construction loan.
“At Capital One, we understand that financing the creation and preservation of affordable housing is essential to addressing the ongoing crisis across the nation, and especially in Montgomery County,” Ed Delany, senior capital officer for community finance at Capital One, told Commercial Observer.
The property secured additional financing from the Maryland Department of Housing and Community Development.
All 98 apartments in the five-story building are reserved for those with incomes between 30 percent and 80 percent of the area median income, which is currently $91,970 for a household of four. In addition, nine are reserved for people with disabilities; three will be Uniform Federal Accessibility Standards (UFAS) qualified; and one unit will be for a resident who is UFAS-qualified for impaired vision or hearing.
The Sligo Apartments will provide services to tenants aimed at promoting self-sufficiency for both parents and youths, as well as educational classes and job training, according to Green Street Housing.
The project was proposed by the Rockville-based Green Street in 2021 and approved by Montgomery County in July of 2022, with a site-plan amendment finalized in June of 2023.
Keith Loria can be reached at Kloria@commercialobserver.com