In June 2022, HOC acquired 212 units at 4857, 4858 and 4998 Battery Lane in South Bethesda. This acquisition presented a unique opportunity for HOC to preserve currently naturally affordable residential units as well as significantly increase the number of affordable units in the area with a very high redevelopment future rent increase potential.
When the agency acquired the HOC @ Battery Lane, Bradley Crossing and Battery Park properties, they were unrestricted market rate properties with rents falling below the 80% AMI levels at the time. Upon acquisition of the properties, HOC began implementing affordability levels of 20–30% at the properties. In December 2024, however, HOC was able to refinance the properties with subordinate financing from Amazon’s Housing Equity Fund (HEF), Montgomery County’s Housing Initiative Fund (HIF) and Montgomery County’s Nonprofit Preservation Fund (NPF). As a part of this refinancing, HOC will increase the affordability at the properties, restricting 75% of the total units to affordable households. This implementation will take place over the next three years, so as not to displace any current tenants.
