Falkland North
Proposed Redevelopment
Silver Spring, Maryland
VI. AFFORDABLE HOUSING
The Project will provide 133 MPDUs, or 12.5% of the total number of units, in accordance with Chapter 25A of the Montgomery County Code. MPDUs provide affordable rent for residents at 70% or less of the Adjusted Median Income and the obligation continues for 99 years.
Currently there is a bond program that limits rental rates for 45 very low income residents and 45 moderate income residents. Bond residents located in the North Parcel are being moved to the East and West Parcels so this program for all 90 bond residents can be continued even during construction of the North Parcel until the program lapses in 2014.
The Area Median Income published by HUD for this area is $90,300. To illustrate, the maximum household income and rental rates for MPDU and bond residents for a family of three in a two-bedroom garden apartment follows:
| Maximum Income | Monthly rental rate | |
|---|---|---|
| MPDU Residents | $50,000 | $1,071 |
| Low-Moderate Income Bond | $65,016 | $1,157 |
| Very Low Income Bond | $40,635 | $755 |
In addition, as discussed above, it is anticipated that the rental rates for most of the new market-rate apartments will be affordable to households earning the median income in Montgomery County. Further, the owner intends to retain the 268 garden apartments in the East and West Parcels, which are also expected to be continually occupied by a mix of median and low-to-moderate income residents, as rentals. Thus, Falkland North will greatly increase the available supply of much needed, moderately priced rental housing in the area.
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Home Properties Inc.