JBG, Montgomery County Sign Affordable Housing Agreement for Falkland Chase

falklandchaseThe JBG Companies and Montgomery County’s Department of Housing and Community Affairs (DHCA) have entered into an agreement to extend the term for  90 rental assistance units at the Falkland Chase Apartments in Silver Spring. This collaboration, in conjunction with JBG’s recognition by the Affordable Housing Conference of Montgomery County as its 2014 Builder of the Year, represents JBG’s continued commitment to expand the supply of affordable housing across the Washington region.

Acquired by JBG in April 2013, Falkland Chase operated under a 1985 agreement with the county that required 90 units be leased for rents at 60 percent and 40 percent of the area median income (AMI). That agreement expires this year, allowing the units to return to market rents. JBG’s agreement with DHCA extends the availability of the units as rent-assisted for another five years.

“The work being done to maintain a supply of affordable housing is multifaceted, and public-private partnerships like this one, which is keeping 90 units from returning to market, are an important component,” said Rich Jordan, a JBG senior vice president for development.

Originally completed in 1938, Falkland Chase is a 450-unit garden apartment community situated on approximately 22 acres across three parcels at 8305 16th Street, less than a quarter-mile from the Silver Spring Transit Center. The rent-assisted units are integrated on all three parcels.

“Affordable housing is an important priority of mine,” said County Executive Ike Leggett. “Over the past eight years we have created or preserved nearly 15,000 affordable housing units. This agreement with JBG is another important step.”

“Advocates for affordable housing stress the importance of having an affordable housing supply near public transit,” said DHCA Director Richard Nelson Jr.  “JBG’s willingness to maintain the availability of affordable units at Falkland Chase is a strong support to the work we are doing.”

The north parcel, with 182 existing units, has been approved for redevelopment with 1,250 residential units and 70,000 square feet of retail. Roughly 215 of the new units, about 17 percent, will be maintained as affordable or workforce units.

Redevelopment is in the early planning stage; the first phase is expected to deliver within five years. The west and south parcels, with 268 units, are not slated for redevelopment.

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