Green Street Housing and TM Associates Development have conducted a ground-breaking ceremony for a new residential development in Silver Spring, Maryland, US.
Named Sligo Apartments, the 98-unit community will provide affordable rental apartments. The building, which features five storeys and an elevator, also includes a podium parking garage.
The project aims to offer a modern apartment community committed to delivering affordable housing to eligible tenants with market-rate units and commercial rental space.
It will provide homes for Silver Spring-based families, featuring a mix of one-, two-, and three-bedroom apartments catering to incomes ranging from 30% to 80% of the area median income.
Green Street principal Dave Layfield said: “Sligo Apartments is a great project and we are excited to bring another high-quality affordable rental community to Maryland.”
The funding for the property comes from a Low-Income Housing Tax Credit investment by Hudson Housing Capital and Capital One, along with loans from the Maryland Department of Housing and Community Development.
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Capital One is also supplying permanent debt financing for the project.
Capital One Mid Atlantic Community Finance senior capital officer Ed Delany said: “At Capital One, we understand that financing the creation and preservation of affordable housing is essential to mitigating the ongoing crisis across the nation, and especially in Montgomery County.
“We were pleased to once again leverage the LIHTC programme, as well as provide construction debt and a Freddie Mac permanent loan, to bring the new Sligo Apartments development to life.”
Green Street specialises in developing affordable housing and has successfully closed transactions totalling hundreds of millions of dollars in the region.