Silver Spring, MD – Acting Secretary Clarence Snuggs joined Montgomery County Executive Isiah Leggett for the grand opening of The Residences at Thayer Avenue, new quality, affordable rental housing in the heart of revitalizing downtown Silver Spring and just three blocks from the Silver Spring Metro.
The 52-unit apartment building is an example of the energy efficient, transit-oriented development that is a priority of the O’Malley-Brown administration.
Including the Residences at Thayer Avenue, DHCD has over 80 affordable rental housing projects throughout the state that are in various stages of construction or underwriting – more projects than the agency has had in play at any time in its history.
“The Residence at Thayer Avenue is a great example of the O’Malley-Brown administration’s commitment to expanding affordable rental housing using a variety of sources, including state and local funds, federal low income tax credits and private investment,” said Acting Secretary Snuggs.
“The resources we invest in affordable rental housing yield more jobs; they yield a stronger economy; they yield stable, culturally diverse and vibrant neighborhoods; and they yield a better quality of life for citizens here in Montgomery County and throughout the state.”
The $14.9 million project was financed in part through Multifamily Development Revenue bonds, the Rental Housing Production Program, the Rental Housing Works initiative and federal Low Income Housing Tax Credits. Montgomery County and the U.S. Department of Housing and Urban Development provided additional resources.
“The Residences at Thayer Avenue is just one more example of the county’s using its resources to partner with local housing providers to develop a partnership model that leverages the public and private resources to create needed more affordable housing for the families of Montgomery County,” the county executive said.