Seniors to keep affordable homes, HOC buys Forest Oak Towers for $20.7 million, saves subsidies
 Maryland Community Newspapers Online |
Seniors to keep affordable homesHOC buys Forest Oak Towers for $20.7 million, saves subsidies
The move preserves affordable housing for the city's most vulnerable population, said the city's Director of community development Louise Kauffmann. Gaithersburg has about 4,000 affordable housing units, based on a 2005 survey, she said. That's more than in most areas of the county, but with major redevelopment projects coming up such as at the Broadstone Apartments, it's important for Gaithersburg to retain as much affordable housing as possible, Kauffmann said. Housing in Forest Oak Towers is available to those 62 years and older, or those with disabilities, and whose average annual income is about $14,000, said Susan Krimer, assistant director in the HOC office of legislative and public affairs. However, to comply with fair housing regulations that limit occupancy, the facility is not expected to receive new disabled people under 62 years old, Krimer wrote in an e-mail. The current affordable housing contract was set to expire in 2009. The HOC acted to purchase the property when it learned that some developers had inquired about purchasing it. ''If somebody else were to buy it ... come 2009, we wouldn't have any clear idea of what would happen," Engel said. ''Our mission is to provide affordable housing. It serves very low-income seniors, and there is a shortage not just in the county, but throughout the state and it certainly fits our goal." More than 100 seniors and officials from local to federal levels packed under a tent Monday afternoon outside Forest Oak Towers, located at 101 Odendhal Ave., to praise the purchase. ''For us to preserve and increase affordable housing, we must first keep what we have," said County Executive Isiah Leggett (D). Ella Mae Burton, 77, a Forest Oak Towers resident since 2004, said during the ceremony that she was shocked to hear she might lose her home, but is delighted that won't happen. ''I plan to be with you for a long time to come," she said. Sale of the 26-year-old building by Bethesda-based real estate company The Artery Group was finalized March 30. The facility provides 100 percent Section 8 housing, which allows residents to devote only 30 percent of their income to rent while the U.S. Department of Housing and Urban Development covers the remainder, Krimer said. The HOC began working to purchase Forest Oak Towers in 2005, Krimer said. Payment was assisted by state-issued tax credits, programs with Montgomery County and Gaithersburg that reduce property tax to $1 per year and a risk-sharing agreement with HUD's Federal Housing Administration that insures 75 percent of a $18.1 million HOC loan, Krimer said. The deal also includes $2.6 million for renovation and other contingencies. Upgrades include new appliances for the rooms, fresh carpet and other amenities, said Martha McClelland, regional property manager with Realty Management Service, the company that operates Forest Oak Towers But for three-year Forest Oak Towers resident John Jackson, 66, it's plenty just to know he'll stay with all his friends. ''I feel very much relieved because this is home," Jackson said. |  | Top JobsLoading... Classifieds |
posted by President of ShoppingMallDC.com | 10:27 PM
0 Comments:
Post a Comment
<< Home