Park Montgomery Apartments

8860 Piney Branch Road
Silver Spring, MD 20903

Built in 1970, Park Montgomery is a well-located high rise containing 141 units near the heart of Silver Spring, Maryland. The property is an even mix of one-, two-, and three-bedroom apartments. Affordable rental housing for low- and moderate-income families in this community is at a premium.

CPDC purchased the property in November 2000, when the property faced the prospect of conversion to higher rent housing. A moderate rehabilitation, with tenants in place, was completed the following year.

The acquisition and rehabilitation was financed through several mechanisms. Tax-exempt multifamily revenue bond financing and 4% Low-Income Housing Tax Credits available to a bond transaction were provided by the Maryland Community Development Administration (CDA). Enterprise Social Investment Corporation (ESIC) is the equity partner through their fund Enterprise Housing Partners VIII LP.

The property was originally financed as an FHA 236-insured loan. HUD approved a decoupling of the Interest Reduction Payment (IRP), allowing the IRP to serve as a source of funds for the property. Montgomery County Department of Housing and Community Affairs (DHCA) provided a soft second mortgage at closing. The mortgage was increased through an amendment to the note in April 2002. The additional funds supported improvements associated with the community space and community programs put in place at the property under CPDC.

CPDC brought its wealth of experience in developing innovative programs that impact and improve the lives of all residents to Park Montgomery. The resident-driven programs utilize a unique blend of technology, education, social and civic activities.

These programs along with high-speed access to the Internet in the technology center have made great strides in the challenge of closing the "digital divide."

Click here to view additional photos of this CPDC project.