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Budget Year / Version:  
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Description

This project will provide financial and technical support for neighborhoods with Homeowner and Condominium associations, also known as Common Ownership Communities (COCs). All participating COCs must be duly registered, and their respective Board of Directors must have a current and valid certificate of completion for the required Community Governance Fundamentals training.
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Phase

Planning Stage

Status

New
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Budget Snapshot
$10M Total
Expenditures/Funding
$10M 6 Year Total
Expenditures/Funding
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Justification

A vast amount of the housing stock in Common Ownership Communities are now 30 years or older; this is a point where issues associated with aging infrastructure are more prominent and often require immediate attention. In addition, many older multifamily and single-family properties located in the COCs of Montgomery County have become mired in financial instability and adverse economic conditions. As a result, condominium and homeowner associations are forced to defer regular maintenance if members are unable or unwilling to pay their monthly assessments. These loans are expected to help COCs address improvements including replacement of outdated and inefficient streetlights; community wide exterior home improvements; community wide replacement of condemned balconies; underground and surface stormwater issues; repairs to sidewalks, pathways and parking lots; improvements to courtyards; community signage; other common area improvements and structural issues associated with lack of maintenance.
This program will require the condominium or homeowner's association to invest a minimum of 20 percent of the total construction costs.
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Coordination

Office of the County Executive, Regional Services Centers, Office of the County Attorney, Department of Permitting Services, Office of Procurement, the Maryland-National Capital Park and Planning Commission, Maryland Department of the Environment, and Montgomery County Economic Development Corporation.
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Budget Snapshot
$10M Total
Expenditures/Funding
$10M 6 Year Total
Expenditures/Funding
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Project Details
Project NumberP762504
Date Last Modified01/07/24
Administering AgencyHousing & Community Affairs
CategoryCommunity Development and Housing
SubCategoryHousing (MCG)
Planning AreaCountywide
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Total Expenditures by Cost Element (000s)
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Total Funding by Source (000s)
EXPENDITURES (000s)
Cost ElementsTotalThru FY23Est FY24Total 6 YearsFY 25FY 26FY 27FY 28FY 29FY 30Beyond 6 Years
Planning, Design and Supervision35500035507008008005505002000
Land00000000000
Site Improvements and Utilities00000000000
Construction622000622050010001250145010459750
Other230002303050505025250
Total Expenditures1000000100001230185021002050157012000
FUNDING (000s)
Funding SourceTotalThru FY23Est FY24Total 6 YearsFY 25FY 26FY 27FY 28FY 29FY 30Beyond 6 Years
Current Revenue: General1000000100001230185021002050157012000
Total Funding Sources1000000100001230185021002050157012000
APPROPRIATION AND EXPENDITURE DATA ($000s)
Appropriation FY 25 Request1230
Year First Appropriation
Appropriation FY 26 Request1850
Last FY's Cost Estimate0
Cumulative Appropriation0
Expenditure / Encumbrances0
Unencumbered Balance0