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Victory Housing, Housing Opportunities Commission and Partners Celebrate Dedication of New, Affordable Victory Crossing Senior Apartments in Silver Spring

 

image1 smallSilver Spring, MD. Tuesday May 8, 2018. The Housing Opportunities Commission of Montgomery County (HOC) joined Montgomery County Executive Isiah Leggett; His Eminence Donald Cardinal Wuerl, Archbishop of Washington; Victory Housing and other community partners for the dedication of Victory Crossing Senior Apartments in Silver Spring, MD. Victory Housing, the Archdiocese of Washington’s affordable housing development arm, developed the 105-unit community which was made possible in partnership with HOC, the Maryland Department of Housing and Community Development, Montgomery County Department of Housing and Community Affairs, Freddie Mac, Capital One and Hudson Housing Capital.

As part of the transaction, HOC provided a $1.8 million grant and transferred 49 Rental Assistance Demonstration (RAD) Project Based Vouchers (PBV) to Victory Crossing. RAD provides Public Housing Agencies (PHAs) with a powerful tool to preserve public housing units by converting them to project-based Section 8 contracts. Transferring these units to Victory Crossing is just one part of HOC’s concerted effort to convert its portfolio of public housing properties into mixed-income communities, including HOC’s RAD 6 redevelopment which received the Innovation in Multifamily Finance Award from the National Association of Local Housing Finance Agencies in 2017.

“Victory Crossing is a prime example of what we can achieve through strategic public-private partnerships. We are extremely pleased with this partnership that allows HOC to preserve and improve affordable housing in the county using HUD’s Rental Assistance Demonstration program to create a mixed-income, community-connected property,” said HOC Executive Director Stacy Spann.

Victory Crossing was financed in part using a Freddie Mac tax-exempt loan, the first community in the State of Maryland to be financed using this structure and for which Victory Housing received a Commitment to Excellence Award from the Maryland Department of Housing and Community Development (DHCD). In addition to financing from other partners, Montgomery County provided a long-term ground lease to make the project feasible.

Montgomery County has the highest median housing cost in Maryland and some of the highest housing costs in the nation, pricing many seniors out of high-quality housing options in the county.

image2 smallHOC’s Chair of the Board of Commissioners Jackie Simon applauded the affordable options Victory Crossing would preserve and create for Montgomery County residents, noting that, “Ensuring our seniors have affordable options to age in place is a top priority for HOC. We are proud to be part of this esteemed group and to have played a part in keeping individuals and families connected to the county they call home.” She added that preservation of affordable units “means senior households on fixed incomes will have direct access to amenities just outside their doorstep.”

Located in the White Oak area of Silver Spring, Victory Crossing will offer residents easy access to the White Oak Shopping Center, the Margaret Schweinhaut Senior Center and the White Oak Library. The community includes 80 one-bedroom and 25 two-bedroom apartments available to 95 households at or below 40, 50, and 60 percent of Area Median Income. This includes the 49 units transferred by HOC so that lower-income seniors only pay 30 percent of their income towards rent. The property includes amenities such as a community room with attached theater space, fitness room, wellness room, and space for arts and crafts. It is also a LEED Silver standard building with Energy Star appliances in all units.

Victory Housing President, Leila Finucane, acknowledged the many and diverse partners who worked together to bring Victory  Crossing to completion. She noted their gratitude for the work of HOC’s Real Estate Development team and Victory’s excitement for future partnerships between HOC and Victory Housing.

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“The people who have contributed so much to our county should be able to stay here in the place they’ve worked hard, raised their families and lived their lives,” said Montgomery County Executive Isiah Leggett. The County Executive also acknowledged the celebration of Victory Crossing as an opportunity to recognize our overall commitment to affordable housing in the county – citing the County’s more than $1 billion in investment in affordable housing as the catalyst for more than $4 billion of private investment resulting in over 77,000 units of affordable housing in Montgomery County.

 

 

 

 

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About the Housing Opportunities Commission of Montgomery County (HOC)

The mission of the Housing Opportunities Commission is to provide affordable housing and supportive housing services that enhance the lives of low- and moderate-income families and individuals throughout Montgomery County, Maryland so that:

  • No one in Montgomery County lives in substandard housing;
  • We strengthen families and communities as good neighbors;
  • We establish an efficient and productive environment that fosters trust, open communication and mutual respect; and
  • We work with advocates, providers and community members to maintain support for all the work of the Commission.