Announcements
Cain Commons, Another Affordable Housing Success Story!
Announcement Date: Monday, May 13, 2024
Ribbon-Cutting Ceremony for Cain Commons
On April 18th Deputy Director, Asmara G. Habte, participated in the ribbon-cutting ceremony for the newly constructed Cains Commons in Damascus, MD.
DHCA is proud for the partnership with Mission First Housing Development Corp. and St. Anne’s Episcopal Church in delivering Cain Commons, an affordable senior housing community. Cain Commons is a newly constructed development consisting of 76 units, affordable at 30%, 50%, 60%, and 70% of Area Median Income (AMI).
DHCA provided gap-financing of $2.5M in HOME loan funds towards construction cost and entered a Payment In-Lieu of Taxes (PILOT) agreement to help reduce the operating cost through a reduction of County real estate taxes. The project also received tax-exempt bonds, Low Income Housing Tax Credits (LIHTC’s), and Rental Housing Works funds from the Maryland Department of Housing and Community Development. The total project development cost was approximately $28M, exemplifying multilayered partnerships between local and county government, non-profit, and for-profit partners. Call 215-557-8484 for more information.