Montgomery County Partners with AHC Inc. to Preserve Affordable Housing Near Science City
Arlington, VA (September 5, 2012) -- AHC Inc., a regional, nonprofit housing developer, has acquired The Hamptons at Town Center – a 768-unit, 37-acre garden-style, rental apartment community in Germantown. The purchase, financed in part by the Montgomery County Department of Housing and Community Affairs, preserves long-term rental affordability for low- and moderate-income households at a location with excellent access to transit, shopping and employment.
The Hamptons is AHC’s largest community in Montgomery County and the largest development ever funded by Montgomery County’s Housing Initiative Fund.
“Affordable housing has been a priority of my administration from the start," said Montgomery County Executive Ike Leggett. “Over the past five years we have created and -- just as importantly -- preserved thousands of affordable units for County families. This is one more step forward.”
The preservation of The Hamptons at Town Center, near the intersection of Germantown Road (Route 118) and I-270, will help maintain affordable places to live for employees and families in the fast growing bio-science corridor. Dynamic current and future growth in the area, including Science City with a projected 17 million square feet of new development, is placing increasing upward pressures on rents at communities in the area.
“We are pleased to undertake another project in partnership with AHC Inc,” said Richard Y. Nelson, Jr., Director, Department of Housing and Community Affairs. “This project will ensure the preservation of a well maintained and affordable rental community immediately adjacent to the town center of Germantown for workers in Montgomery County.”
AHC will limit annual rent increases on all the units to the Voluntary Rent Guidelines established each year by the County Executive. Thirty percent of the apartments will be reserved for households earning no more than 60% of the Area Median Income ($64,500 for a family of four). The remainder of the units will be market-rate. Harbor Group Management Company will continue to manage the property.
The purchase was funded through the assumption of the existing debt, equity investments from AHC and the seller, and a loan from the County’s Housing Initiative Fund.
“At a time when affordable housing is increasingly competing with market-rate forces, AHC is delighted to have this opportunity to partner with Montgomery County to preserve affordable housing units in such a fast-growing area,” said Walter D. Webdale, AHC President and CEO.
AHC Inc. has also developed rental properties in Arlington, Fairfax, Prince William and Baltimore Counties and Baltimore City. With the acquisition of The Hamptons, AHC has developed and preserved more than 5,000 affordable apartments in the mid-Atlantic region.
Photo Caption: AHC Inc. acquired a 768-unit rental community to preserve rental housing affordability in the fast growing I-270 corridor.
AHC Inc. is a private, nonprofit developer of low- and moderate-income housing in the mid-Atlantic region. Founded in 1975 in Arlington, VA, AHC produces and preserves affordable rental housing, provides homeownership services, and offers onsite educational services to improve the quality of residents' lives. AHC's portfolio includes 39 properties providing quality affordable housing for more than 5,300 households. www.ahcinc.org