It’s been estimated that nearly 50 percent of D.C. renters are cost burdened – they spend more than 30 percent of their income on rent. A public-private partnership looks to bring relief to some of these renters, specifically seniors in and around the submarket of Silver Springs, Md.
- Development features primarily cost-controlled, one-bedroom units.
- The cost to build this property was roughly $295K/unit.
- There is an apparent demand from senior for downtown units in and around D.C.
It’s been estimated that nearly 50 percent of D.C. renters are cost burdened, they spend more than 30 percent of their income on rent.
A public-private partnership looks to bring relief to some of these renters, specifically seniors in and around the submarket of Silver Springs, Md.
Nonprofit developer Montgomery Housing Partnership, along with high-rise apartment builder The Donohoe Companies and Montgomery County, are nearing completion of a 149-unit mixed-income, high-rise adjacent to the city’s new downtown library and future Purple Line light rail station.
Dubbed the Bonifant, the development is exclusively for seniors older than 61 that are seeking an independent living situation. According to Montgomery Housing Partnership, the building’s rents will be affordable for incomes under 60 percent of the area median income. Ten apartment homes will have no income restrictions.
Seniors have the opportunity to pre-qualify and secure their opportunity to apply for an apartment home until November 24.
The following day a lottery will be held to determine application order. Applicants will be notified of their status shortly thereafter. Those on a wait-list for public housing or other federal or state assisted low-income housing will have priority. The lottery results and a video of the selection process will be available for viewing on the development’s website after completion.
The property is scheduled to open in early March, with completion slated for June 2016. The building’s unit mix will include 10 studios, 119 one-bedrooms and 20 two-bedrooms. Roughly 6,300 square feet of ground floor retail space is also included.
Financing for the $44 million project was provided through a variety of public-private sources, including Montgomery County Department of Housing & Community Affairs, State of Maryland Department of Housing & Community Development, U.S. Department of Housing & Urban Development, Capital One, Wells Fargo, AGM Financial, Enterprise Community Investments and NeighborWorks America.