up
Budget Year / Version:
anchor

Program Description

  Multi-Family Housing Programs

This program creates and preserves affordable multi-family housing units. Loans are made to the HOC, nonprofit organizations, property owners, and for-profit developers. This program provides funding to:

  • preserve existing affordable housing units;
  • construct and acquire affordable housing units;
  • rehabilitate existing rental housing stock;
  • participate in housing or mixed-use developments that will include affordable housing;
  • acquire land to produce affordable housing; and
  • provide low-income rental housing assistance.
Major funding for these projects is provided from the Montgomery Housing Initiative Fund, the Federal HOME Grant, the Federal Community Development Block Grant, and State grants. The program emphasizes the leveraging of County funds with other public and private funds in undertaking these activities.

Explore
anchor
Program Contacts

Contact Pofen Salem of the Department of Housing and Community Affairs at 240.777.3728 or Anita Aryeetey of the Office of Management and Budget at 240.777.2784 for more information regarding this department's operating budget.

anchor

Program Performance Measures

Program Performance MeasuresActual FY21Actual FY22Estimated FY23Target FY24Target FY25
Number of affordable housing units preserved and available for occupancy (County funded)6,1976,4546,0036,2566,444
Number of affordable housing units produced and available for occupancy (County funded) 1650379299327955
Ratio of non-County dollars leveraged to County dollars in affordable housing projects4.387.055.185.185.34
Total affordable housing units produced1,6401,6541,4051,2491,286
Total affordable housing units preserved7,1296,7556,8527,1597,374
1  Out year projections may fluctuate based on current pipeline activity and certain assumptions on preservation / production strategies.
anchor

Program Budget Changes

FY24 Approved ChangesExpendituresFTEs
FY23 Approved465417107.90
Increase Cost: Operating Expenses to Reflect Adjustments to the General Fund Transfer to Housing Initiative Fund (HIF) 35253890.00
Increase Cost: Housing Opportunities Commission (HOC) Production Fund Contribution to the Housing Initiative Fund (HIF)21318750.00
Increase Cost: Operating Expenses to Reflect Adjusted Investment Income Estimates5903000.00
Increase Cost: Realign Budget by Shifting Expenditures between Personnel Costs and Operating Expenses3945240.00
Shift: Senior Planning Specialist Position to Support Multifamily Housing Program Operations1101551.00
Increase Cost: Adjustment Other Revenue Sources in the Housing Initiative Fund (HIF)72800.00
Decrease Cost: Miscellaneous Operating Expenses-10000.00
Decrease Cost: Operating Expenses for Affordable Housing Projects Based on Reduced Land Sale Proceeds Contributions to the Housing Initiative Fund (HIF)-15000000.00
Decrease Cost: Operating Expenses to Reflect the Debt Service Transfer for the Housing Capital Improvements Program (CIP) and the Housing Opportunities (HOC) Production Fund -26446000.00
Decrease Cost: Rental Assistance Program Due to Decreased Recordation Tax Premium Estimates -32367870.00
Multi-program adjustments, including negotiated compensation changes, employee benefit changes, changes due to staff turnover, reorganizations, and other budget changes affecting multiple programs.70149900.00
FY24 Approved529338368.90