Silver Spring, MD – Officials agree that the revitalization of downtown Silver Spring – an explosion of new office buildings, shopping opportunities and theaters – requires quality affordable housing to be complete.
Secretary Skinner on Tuesday joined Montgomery County Executive Isiah Leggett and others for the unveiling of The Residence of Thayer Avenue, the $18 million acquisition and new construction of 52 one and two bedroom units of precisely the kind of affordable housing the community needs. Construction is expected to take about 13 months.
Peter Siegel of Landex Development said the complicated project involved 10 different funding sources, including $8.1 million multifamily development revenue bonds, $2.9 million through the rental housing production program, $250,000 from the Rental Housing Works initiative and more than $311,000 in low income housing tax credits for $3 million in equity.
“Our quality of life is, in many ways, shaped by the choices we make as a state,” Secretary Skinner said. “Even as we endured one of the deepest economic downturns since the Great Depression, our state came together under the leadership of Governor O’Malley and Lt. Governor Brown to make better choices in housing and neighborhood revitalization, putting housing back to work across our state in projects such as The Residence at Thayer Avenue.”
Using state and federal tax credits and other financing resources, the O’Malley-Brown administration has added more than 13,500 affordable rental housing units in 152 projects since July 2008, creating or preserving thousands of jobs and putting more than $2 billion into the economy.
The O’Malley administration reaffirmed that commitment to putting housing to work with the Rental Housing Works initiative, allocating $17.5 million to affordable rental housing in 2012 and $20 million this year.