Silver Spring, MD – Deputy Secretary Clarence Snuggs on Wednesday joined Montgomery County Executive Isaiah Leggett and other officials to celebrate the groundbreaking of Galaxy Apartments, a 195-unit mid-rise building in downtown Silver Spring.
“This project is an affirmation of a goal of linking the development of county facilities to the creation and preservation of affordable housing opportunities for all Montgomery County residents,” said County Executive Isiah Leggett in a release. “The Galaxy shows how well housing, economic development and transportation goals can mesh to result in projects that benefit everyone in the community and the county economy overall.”
Funding for the $16.5 million first phase of the project includes a $7 million tax-exempt bond loan from Montgomery County, a $520,000 state bond grant, a $4.5 million private loan from the developer and $3.6 million raised from Stratford Capital through four percent Low Income Housing Tax Credits.
“This project is an example of DHCD and its partners working together to expand much-needed affordable rental housing opportunities for working families,” Deputy Secretary Snuggs said. “Such projects help stimulate the economy by creating jobs and can serve as the anchor for neighborhood revitalization.”
Last year, DHCD funded 2,255 rental housing units in 24 projects, with a total value of more than $364 million in new and rehabilitated development throughout the state.
Thanks to Governor O’Malley’s leadership, momentum will continue even as federal stimulus funds expire thanks to General Assembly’s approval of his Rental Housing Works initiative, adding $17.5 million to DHCD’s affordable rental housing budget.