Silver Spring Charts Promising Course: Green Street Housing and TM Associates Development Initiate Groundbreaking Affordable Housing Project
On the rolling expanses of Silver Spring, Maryland, a new beacon of hope in affordable housing is commencing, cueing a remarkable chapter in the fight against housing scarcity. None other than the prominent Green Street Housing and TM Associates Development, two of Maryland’s largest allies in developing cost-effective rental housing, recently initiated the groundbreaking ceremony for Sligo Apartments in Silver Spring.
Crafting a 100% affordable residential sphere with controlled rents, Sligo Apartments are set to paint an inspiring landscape of quality, affordability, and community. This groundbreaking undertaking aims to introduce a modern, high-grade apartment community that aspires to allocate genuine affordable housing to qualifying tenants in need, also offering market rates units and commercial rental spaces.
The Sligo Apartments project draws financial support through a Low-Income Housing Tax Credit (LIHTC) investment collected from Hudson Housing Capital and Capital One— also connecting the lines for permanent debt financing. Further loans are in conjunction from Maryland Department of Housing and Community Development. This interplay of financial forces showcases an exemplary model of how supportive collaboration can boost a developmental project that benefits a broader community.
In the words of Ed Delany, Community Finance Senior Capital Officer for the Mid Atlantic at Capital One— “Financing the creation and preservation of affordable housing forms the warp and weft of mitigating the ongoing crisis across the nation, and especially in Montgomery County. It’s a responsibility we’re proud to shoulder, utilizing the LIHTC program, delivering construction debt, and contributing a Freddie Mac permanent loan, to bring this captivating new essence— Sligo Apartments— to the realm of reality.”
Known for their instrumental role in promoting similar advantageous projects across Maryland, the co-developers, Green Street Housing and TM Associates Development, take immense pride in Sligo’s potential to provide affordable homes to its residents. More than just residential units, the project is molded to serve as a valued long-term community asset to Silver Spring and the neighboring regions.
According to Dave Layfield, Principal of Green Street Housing, “Sligo Apartments emerges as a distinctive and impactful venture, stirring our enthusiasm to add yet another high-quality affordable rental setup to Maryland.”
It’s a brand new milestone chiseled on the roadmap to impelling affordable living spaces. It inspires an exciting narrative of collaborative efforts bridging the affordable housing divide. By seeding hope, conjuring opportunities, and bolstering community spirit, Sligo Apartments stand as a testament to what dedicated leadership and robust collaboration can engineer in the multifamily real estate sphere. At Multifamily Leadership, we’re eager to witness the transformation this endeavor will engender in the times to come.