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Budget Year / Version:  
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Description

This project provides funding for acquisition and/or renovation of properties for the purpose of preserving or increasing the County's affordable housing inventory. The County may purchase properties or assist not-for-profit, tenant, or for-profit entities, or Housing Opportunities Commission with bridge financing to purchase and renovate properties. The monies may be used to purchase properties that are offered to the County under the Right of First Refusal Law or otherwise available for purchase. A portion of the units in these properties must serve households with incomes that are at or below incomes eligible for the Moderately Priced Dwelling Unit (MPDU) program. A priority should be given to rental housing.
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Phase

Ongoing

Status

Active
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Budget Snapshot
$358.24M Total
Expenditures/Funding
$132M 6 Year Total
Expenditures/Funding
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Cost Change

Added funding over the next six-year period to continue support for preserving and increasing the County's affordable housing units. Also reflects an increase based on additional FY19 loan repayments.
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Justification

To implement Section 25B, Housing Policy, and Section 53A, Tenant Displacement (Right of First Refusal), of the Montgomery County Code. Opportunities to purchase property utilizing the County's Right of First Refusal arise without advance notice and cannot be planned in advance. Properties may be acquired by the County, non-profit developers, HOC or other entities that agree to develop or redevelop property for affordable housing.
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Other

Resale or control period restrictions to ensure long term affordability should be a part of projects funded with these monies.
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Fiscal Note

Debt service will be financed by the Montgomery Housing Initiative (MHI) Fund. In addition to the appropriation shown above, future loan repayments are expected and will be used to finance future housing activities in this project.
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Disclosures

Expenditures will continue indefinitely.
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Coordination

Housing Opportunities Commission, non-profit housing providers, and private sector developers.
Budget Snapshot
$358.24M Total
Expenditures/Funding
$132M 6 Year Total
Expenditures/Funding
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Project Details
Project NumberP760100
Date Last Modified01/06/20
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 FY19Est FY20Total 6 YearsFY 21FY 22FY 23FY 24FY 25FY 26Beyond 6 Years
Planning, Design and Supervision00000000000
Land358236176048501881320002200022000220002200022000220000
Site Improvements and Utilities00000000000
Construction00000000000
Other00000000000
Total Expenditures358236176048501881320002200022000220002200022000220000
FUNDING (000s)
Funding SourceTotalThru FY19Est FY20Total 6 YearsFY 21FY 22FY 23FY 24FY 25FY 26Beyond 6 Years
Current Revenue: Montgomery Housing Initiative47752500227500000000
G.O. Bonds00000000000
HIF Revolving Program2594251229553853597935132938751190531898118857190000
Loan Repayment Proceeds894964605393783406587071324929473019314330000
Recordation Tax Premium (MCG)45404540000000000
Total Funding Sources358236176048501881320002200022000220002200022000220000
APPROPRIATION AND EXPENDITURE DATA ($000s)
Appropriation FY 21 Request22000
Year First AppropriationFY01
Appropriation FY 22 Request22000
Last FY's Cost Estimate225796
Cumulative Appropriation226236
Expenditure / Encumbrances183467
Unencumbered Balance42769