• For $3.4MM in annual appropriated funds over a period of 20 years, Montgomery County creates a permanent, revolving $50MM Housing Production Fund (“HPF”).
• Accelerating HOC’s mixed-income housing development pipeline.
• Dedicated, revolving construction period financing funded with County-serviced, HOC-issued bond proceeds.
• At $50MM, approximately 1,750 of 5,445 units in HOC’s identified pipeline would be funded with the HPF.

UPDATE: The first loan for $14.3MM occurred in December 2021 for the Westside at Shady Grove development.  The second loan in the amount of $14.5MM was approved by the Commission in January 2023 to fund the Hillandale Gateway Early Start budget.  In September 2023, the Commission approved increasing the Hillandale Gateway HPF loan from $14.5M to $35M to fund both Early Start and vertical construction work. A second $50M tranche was approved by the County Council in May/June 2022 for new construction use only.