Number of Units

90

Year Developed

2024

Development Costs

$40,000,000

Goal

New Construction of affordable senior housing along the busy University Boulevard Corridor, which will include a public multiuse path providing connectivity to downtown Wheaton

Description

Mission First is developing a 90-unit senior housing apartment complex near downtown Wheaton, MD. The building is being constructed on the former underutilized parking lot of the Har Tzeon – Agudath Achim synagogue. The development is 100% affordable at 30% to 70% of Area Median Income, with a mix of 1 and 2 Bedroom Units.

 
Financing
Tax Exempt Bond financing, 4% Low Income Housing Tax Credits (LIHTC), Rental Housing Works, and Multifamily Energy Efficiency and Housing Affordability funding from Maryland Department of Housing and Community Development; Housing Initiative Fund financing from Montgomery County Department of Housing and Community Affairs; Freddie Mac Permanent Financing through Grandbridge, LIHTC Equity and Construction Funding from Truist, State Bond Bill through the County Delegation, Capital Magnet Funding from Mission First.

 

Developers: Mission First Housing Development Corp.
Architect: Wiencek and Associates
Civil Engineer: Vika MD
Construction: James G. Davis Construction
Property Management: Columbus Property Management