SILVER SPRING, MD – Green Street Housing and TM Associates Development, two of Maryland’s largest affordable rental housing developers, hosted a groundbreaking ceremony for Sligo Apartments in Silver Spring, Maryland.
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.