Press Releases
Montgomery County Supports Affordable Housing for Seniors at Silver Creek Senior Living Apartments
For Immediate Release: Friday, April 8, 2022
The Montgomery County Department of Housing and Community Affairs (DHCA) participated in the financing of Silver Creek Senior Living Apartments in Kensington to create affordable housing for seniors. For residents ages 62 and over, the new building has 10 units available at 30 percent of the Area Median Income (AMI), 69 units at 60 percent of the AMI and 15 units at 80 percent of the AMI.
Silver Creek Senior Living Apartments is located at 3910 Knowles Ave. in Kensington.
“It’s exciting to have another housing option for our senior population – especially one with apartments that are priced affordably, including deeply affordable units,” said Montgomery County Executive Marc Elrich. “The County loan package will support rents for people with incomes from 30 percent to 60 percent of the area median.”
To support construction of the affordable housing for seniors, the County provided an $8.9 million Housing Initiative Fund loan. The loan supports 10 apartment units priced for tenants with incomes of 30 percent of the AMI and 69 apartment units priced at 60 percent of the AMI.
Other project financing includes Low Income Housing Tax Credit equity, State of Maryland CDA and HUD 221D4 loan.
The 94-unit apartment community has resident engagement services, a community room, amenities and several transit options. It is located near stores, restaurants, and the Kensington Park Library.
The developer team for the apartment community included Communities Together, Inc., Keystar Real Estate, NFP Affordable Housing Corporation, Ecohousing Corporation, SCG Development and EDG Architects. Property management is handled by Residential One. Communities Together provides resident engagement services.
“DHCA continues working with affordable housing developers to increase the supply of affordable housing and preserve our existing affordable housing,” said Aseem K. Nigam, director of the Department of Housing and Community Affairs. “This effort includes affordable housing for seniors and I am glad that we could help provide the financing to achieve that at Silver Creek.”
Montgomery County is applying every available policy tool and financial resource to help reduce housing cost burdens by increasing the number of affordable, rent-regulated housing units; providing rent supports; and preserving current affordable housing while protecting tenants from displacement.
For more information on Montgomery County’s housing program, see the DHCA Annual Report.
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Media Contact: Lorraine Driscoll 240-461-5497
Categories: Housing