Enterprise Community Development, Inc. has successfully secured financing for the development of 76 new affordable apartments and the renovation of an existing apartment community in Silver Spring, Maryland. The project, known as Park Montgomery West and Park Montgomery Apartments respectively, is located at 8860 Piney Branch Road.
This initiative aims to preserve and expand transit-oriented affordable housing options along the Purple Line in one of Maryland’s most affluent counties. To achieve this goal, Low-Income Housing Tax Credits (LIHTC) were utilized – with a combination of 9% credits for the new apartments and 4% credits for the existing building.
According to Rob Fossi, senior vice president of Real Estate Development at Enterprise Community Development: “The addition of Park Montgomery West and renovation of Park Montgomery Apartments will provide much-needed affordable housing options near public transportation in Montgomery County.” This move will not only support lower-income households but also offer convenient access to employment opportunities as well as top-rated schools and amenities within reach.
In conclusion,
Enterprise Community Development has recently finalized financing arrangements for a significant development project involving both new construction and renovations in Silver Spring,Maryland. Known asParkMontgomeryWestandParkMontgomeryApartments,the venture seeks to enhance transit-orientedaffordablehousingoptionsinoneofMaryland’smostprosperouscounties.Throughthe utilizationofLow-IncomeHousingTaxCredits(LIHTC),includingboth9%creditsforthenewapartmentsand4%creditsforthepreexistingbuilding,thisinitiativeaimstobenefitlow-incomehouseholdswithconvenientaccesstoemploymentopportunitiesaswellastop-notchschoolsandanarrayoffirst-classamenities.RobFossi,seniorvicepresidentofRealEstateDevelopmentatEnterpriseCommunityDevelopment,stressedthatsuchanundertakingwillnotonlymeetademandforaffordablehousingbutalsoprovideeasyaccesspublictransportationwithinMontgomeryCounty.
