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. Read more ».

Visit the Ivory Prize HPF web page.

Housing Production Fund Timeline

MARCH 2021

Council passes HPF Resolution

AUGUST 2021

Fund Established

Governing documents executed and bonds issued for first $50 million fund

DECEMBER 2021

First HPF Project Loan

Loan of $14 million to fund construction of The Laureate

MAY 2022

Second $50m Fund Approved

Council approves resolution authorizing HOC to issue a second $50 million bond, bringing total fund to $100 million

JANUARY 2023

Second Project Loan

Loan of $14.5 million for early start of Hillandale Gateway. Total HPF loan needed is estimated to be $35 million

JUNE 2023

First HPF Project Completed

The Laureate at Shady Grove Metro is completed and open!

SEPTEMBER 2024

Second HPF Groundbreaking

The Lumina and The Radia at Hillandale Gateway

The Lumina and The Radia at Hillandale Gateway

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

The Lumina & Radia at Hillandale Gateway (East County)

The Lumina & Radia at Hillandale Gateway is a new mixed-income, mixed-use, intergenerational community at the interchange between New Hampshire Avenue and the Capital Beltway in Silver Spring. It will deliver 463 residential units in two high-rise buildings: The Radia at Hillandale Gateway will provide 155 homes for seniors aged 62 and greater, while the adjacent Lumina at Hillandale Gateway will include 308 multi-generational homes for individuals, couples and families. Hillandale Gateway will be among Maryland’s only and the state’s largest passive house multifamily community.

• 463 Units
• 54% affordable 30%–80% AMI (Area Median Income)
• Construction completion in 2027
• Partners: Duffie Companies, PS Ventures

The Sage (Rockville)

The Sage includes 413 residential units, a 7,000 sq. ft. library/retail space and ample amenities including a great hall room, children’s play room and three outdoor courtyards and a pool deck. It is conveniently located across from The Laureate, just one block from the Shady Grove Metro station, and offers LEED, solar and universal design opportunities. The Sage will complete development around the WSG central circle, adding community gathering spaces and completing the connection with Shady Grove Metro.

• 413 Units
• 20% at 50% AMI, 10% MPDU
• Construction beginning Q1 FY26
• Partners: EYA, Bozzuto

Wheaton Gateway (Silver Spring)

The Wheaton Gateway development is a proposed vibrant new mixed-use residential and retail property in the Wheaton submarket of Silver Spring. The project will feature a mix of uses, including mixed-income and age-restricted multifamily housing, a community urban park and curated commercial space. Phase I of the development will include approximately 420 multifamily units and commercial space, while Phase II will add an additional 360 homes and a larger format retail use at the corner of Veirs Mill Road and University Boulevard.

• 780 Units
• Construction beginning Q1 FY27
• 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.

• 293 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

Related Articles

• Mixed-Income Public Development Model: Local Housing Finance Agency Innovation – National Housing Crisis Task Force White Paper 2025
• HOC’s Mixed-Income Housing Model Noted in The New Yorker – The New Yorker 2025
• A Public Housing Success Story – Vox 2024
• A New Kind of Public Housing for All Income Levels – NPR 2024
• How This Sleek Affordable Housing Project in Maryland Became a Reality – FastCompany 2024
• Perspective: Northside Redevelopment: Why? How? What Will it Take? – Construction Forum 2023
• Editorial: Doing the Public Good – Chester County Press
• Could RI Act as a Housing Developer? The State Is Commissioning a Study to Look Into It – The Providence Journal
• Can Social Housing Help Solve the Mass Housing Crisis? – GBH
• Will RI Be the First State to Create a Public Housing Developer? That Plan Is Up in the Air – The Providence Journal
• Imagine a Renters’ Utopia – The New York Times
• Just Build the Homes – Slate
• Political Scene: How a Maryland Public Housing Program Could Influence Rhode Island – The Providence Journal
• Maine’s Housing Affordability Crisis Needs a Public Option, Says Lawmaker – Beacon
• How State Governments Are Reimagining American Public Housing – Vox