The Montgomery County Council introduced a special appropriation of $2,025,000 Tuesday to assist financially distressed, affordable common ownership communities.
Today the Council introduced a special appropriation of $2,025,000 to provide short-term assistance for financially distressed, affordable common ownership communities. It was spearheaded by Council President @MC_Council_Katz.
— Montgomery Council (@MoCoCouncilMD) July 14, 2020
Due to the revenue loss from the COVID-19 pandemic, affordable common ownership communities are in a time of distress, according to the county council. Common ownership communities mainly include condominiums and offer an affordable housing resource in the county.
If passed, the Department of Housing and Community Affairs would fund the initiative.
“This special appropriation will promote housing stability and prevent the loss of housing for low- and moderate-income homeowners in these communities,” Council President Sidney Katz said, who spearheaded the effort.
Households with low to moderate levels of income have been most impacted by the COVID-19 pandemic, and some are unable to pay all or part of their monthly association fees, the council stated.
“This initiative is a critically important and strategic investment to prevent a similar situation from happening as a result of the COVID-19 induced economic recession,” Councilmember Evan Glass said.
The council will hold a public hearing for the special appropriation on July 21 at 1:30 p.m.
For more information, visit montgomerycountymd.gov/council/Resources/Files/agenda/col/2020/20200714/20200714_3Q.pdf.