Thursday, October 17, 2019

Arlington affordable housing organization goes regional with Silver Spring acquistion

The Arlington Partnership for Affordable Housing, a non-profit providing affordable living for residents of that Northern Virginia county for 30 years, has announced it will become a regional organization. Its first move in that direction is its acquisition of Snowden's Ridge, a 13-building Section 8 housing complex developed in 1980 on Harlequin Terrace, in the Fairland area of Silver Spring.

APAH was able to acquire the complex through a financing partnership with Montgomery County and Atlantic Union Bank. They purchased the property for $18.5 million with an acquisition loan from the bank, and a $2.75 million loan from Montgomery County. The deal will ensure the current residents will be able to continue to afford to live there.

County Executive Marc Elrich lauded the deal in a statement yesterday. “Snowden Ridge is home to workers, seniors and families who are an essential part of our community," Elrich said. We were happy to work with APAH to ensure that these families can stay in their homes – and in Montgomery County.”

APAH says it plans to renovate the property, and institute programs to benefit the residents. One of the strongest points of Snowden's Ridge is that the majority of its units are 3-bedroom. Such larger units are the most-needed for families who require affordable housing, and are the least often built by developers as MPDUs.

1 comment:

  1. Nice! Sounds like a great program and a real benefit to MoCo.