SILVER SPRING, Md., Nov. 27, 2023 /PRNewswire/ — Green Street Housing and TM Associates Development, two of Maryland’s largest affordable rental housing developers, will host a groundbreaking ceremony for Sligo Apartments in Silver Spring, Maryland on Monday, November 27, 2023.
Sligo Apartments is a new construction residential development, that is 100% affordable with restricted rents. Sligo Apartments will provide a modern, high quality apartment community dedicated to providing quality affordable housing to qualifying tenants in need, as well as market rates units and commercial rental space. The property is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One – who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development. Ed Delany, Community Finance Senior Capital Officer for the Mid Atlantic at Capital One said “At Capital One, we understand that financing the creation and preservation of affordable housing is essential to mitigating the ongoing crisis across the nation, and especially in Montgomery County. We were pleased to once again leverage the LIHTC program, as well as provide construction debt and a Freddie Mac permanent loan, to bring the new Sligo Apartments development to life.”
The co-developers, Green Street Housing and TM Associates Development, have developed many similar projects across Maryland and are proud of Sligo’s promise to provide affordable housing to its residents and serve as a long-term community asset to Silver Spring and the surrounding area.
“Sligo Apartments is a great project and we are excited to bring another high-quality affordable rental community to Maryland,” said Dave Layfield, Principal of Green Street Housing.
The event will be held at 715 Sligo Avenue, Silver Spring, MD at 11:30AM on November 27, 2023. Refreshments will be provided. Parking is available on site.
About Sligo Apartments
Sligo Apartments will be a 98-unit affordable rental apartment community. The apartment building will be a five story, elevator building with a podium parking garage. Sligo Apartments will serve Silver Spring families, offering a mix of one, two, and three-bedroom apartments and will serve incomes between 30-80% of the area median income.
About Green Street Housing
Green Street Housing is a Maryland-based affordable housing developer whose principals have many years of development experience and over $100’s of millions in closed transactions in the region. Green Street Housing takes great pride in its green-building practices which include Energy Star building practices and on-site solar energy production at all its Maryland affordable apartment communities. Learn more at www.greenstreethousing.com.
About TM Associates Development
TM Associates’ history of successes includes new construction and rehabilitation projects. They have enjoyed trusted partnerships with many for-profit and non-profit organizations and continue to work alongside those who share their dedication to the development and preservation of affordable housing communities. They have gained invaluable experience mastering complex projects and have been repeatedly recognized for their green-building efforts.
Contact: Ray Perdue
SOURCE Green Street Housing