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Housing Production Fund

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About the Housing Opportunities Commission (HOC)

The Housing Opportunities Commission of Montgomery County (HOC) was established in 1974 with a mission to provide affordable housing and supportive services that enhance the lives of low- and moderate-income families and individuals throughout Montgomery County, Maryland. HOC is the County’s largest provider of high-quality, amenity-rich, affordable housing for low- and moderate-income households. As the County’s designated Public Housing Authority and Housing Finance Agency, HOC serves approximately 17,500 renter households, owns more than 9,000 rental units and has provided mortgages to nearly 1,200 first-time homebuyers. HOC has also financed more than 4,000 affordable units for other developers and currently has a pipeline of 13 projects in various stages of the development process from design to construction.

HOC is a true housing accelerator. We work to leverage nearly any financial tool/resource to expand and/or accelerate its impact. From leveraging private funds to infusing capital with equity, we take a creative financing approach that gets deals done.

About the Housing Production Fund (HPF)

$100 million revolving construction fund to produce 6,000 new housing units

  • The Montgomery County Council approved a Modest annual appropriation to finance $100 million in bonds
  • HOC uses funds to finance construction of mixed-income, mixed-use new developments in Montgomery County with at least 30% of units income-restricted (20% of units affordable at or below 50% Area Median Income (AMI) and 10% at or below Moderately Priced Dwelling Unit (MPDU) income limits (65% – 70% AMI)
  • Project loans have 5-year term – after the project is built, the loan is repaid and available for the next project
  • Average HPF project delivers about 300 rental units, 100 affordable units
  • Projects do not require scarce affordable housing subsidies like Low Income Housing Tax Credits, Volume Cap, Project Based Rental Assistance or Project Based Vouchers, or local housing trust fund investments

Public equity replaces private equity

  • HOC retains majority ownership and control. Public-private delivery model produces beautifully designed, highly desirable developments
  • HPF investments are buffered from prevailing market conditions – HOC invests resources in new housing where and when the community wants and considers holistic community goals like green space, sustainability, universal design, community-serving retail, transit and pedestrian infrastructure, more family-sized units
  • HOC ownership provides enhanced tenant protections for all residents, including market rent and allows access to provide wrap-around services

HPF Recognized as a Model of Innovation – 2024 Ivory Prize

The Housing Production Fund is the recipient of a prestigious 2024 Ivory Prize, a national award that recognizes ambitious, feasible and scalable solutions to housing affordability. Click here to read more.

Click here to visit the Ivory Prize HPF web page.

HPF Timeline

Pipeline

COMPLETED PROJECTS

The Laureate (Shady Grove)

The first new development to utilize HOC’s Housing Production Fund, The Laureate is a 268-unit, transit oriented community in Rockville, just steps from the Shady Grove Metro Station. Construction was funded without LIHTC equity or long-term funding from the County’s housing trust fund. The mixed-use building also houses local-serving retail and HOC’s Upcounty Customer Service Center.

  • 268 Units
  • 25% at 50% AMI, 5% MPDU
  • Opened June 2023
  • Partners: EYA & Bozzuto

IN DEVELOPMENT

Hillandale Gateway (East County)

A new mixed-use, mixed-income community located on the site of Holly Hall Apartments, a former 96-unit Public Housing community in Silver Spring. Hillandale Gateway will consist of 155 age-restricted residential units, 308 multifamily apartments, retail and parking. Both buildings will be built to Passive House standards. The senior building is planned to be Maryland’s first zero net energy passive house residential building.

  • 463 Units
  • 25% at 30-50% AMI, 28% at 60-80%
  • Opening Fall 2026
  • Partners: Duffie Companies
The Laureate Phase 2 (Shady Grove)

With the success of the Laureate, HOC has agreed to negotiate the terms of partnership with EYA on the development of the final multifamily parcel within Westside at Shady Grove. Phase 2 will have approximately 415 units (of which at least 125 units will be affordable) and will complete development around the WSG central circle, adding community gathering spaces and completing the connection with Shady Grove Metro.

  • 415 Units
  • 20% at 50% AMI, 10% MPDU
  • Opening 2027
  • Partners: EYA & Bozzuto
Wheaton Gateway (Wheaton)

Proposed vibrant new mixed-use residential and retail property on 5+ acers in Wheaton, MD, featuring mixed-income, multifamily housing, and exciting public and commercial spaces at the site of the Lindsay Ford automotive dealership. Wheaton Gateway will include a variety of unit types (i.e., 1-,2-, and 3-bedroom units) offered at various prices (target of 70% market rate and 30% MPDUs). The project is planned for three phases, and buildings will be designed to meet Passive House standards.

  • 435 Units
  • 20% at 50% AMI, 10% MPDU
  • Opening 2028
  • Partner: Duffie Companies

PRE-DEVELOPMENT

Avondale (Bethesda)

Proposed redevelopment of HOC-owned properties along the south side of Avondale Street and adjacent to HOC’s Waverly House (affordable senior community). At approximately 375 units in both “tower” and “flats” formats, Avondale Street would include a wide range of unit types that respond to both proximity to Bethesda-Chevy Chase High School and adjacency to Waverly House. HOC expects to include amenities in Avondale Street that would have use shared with Waverly House. The development may also include significant public use.

  • 375 Units
  • 20% at 50% AMI, 10% MPDU
  • Opening TBD
Elizabeth House IV (Silver Spring)

The proposed 25-story, 315-unit high-rise multifamily building, will join the recently opened senior building The Leggett (formerly Elizabeth House III) and the newly renovated Alexander House to form Elizabeth Square. To complement the Silver Spring Regional Recreation and Aquatics Center, Elizabeth House IV will include a cafe, live/work artist studios, and a business center.

  • 315 Units
  • 20% at 50% AMI, 10% MPDU
  • Opening TBD
Forest Glen Park & Ride (Silver Spring)

In conjunction with the Washington Metropolitan Area Transit Authority, HOC would redevelop in four phases the Forest Glen Park & Ride. The development would include retail and significant community gathering and open spaces. Parking for the Metro would be replaced with the opportunities for shared efficiency with the residential parking.

  • 413 Units
  • 20% at 50% AMI, 10% MPDU
  • Opening TBD

Read Articles or View Video:

Quarterly Update Webcast – HUD’s Office of Policy Development & Research (PD&R)