anchor 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.
anchor Justification
A vast amount of the housing stock in Common Ownership Communities are now 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 These loans are expected to help COCs address improvements including replacement of outdated and inefficient streetlights; community wide exterior home improvements; community wide replacement of condemned balconies; underground and surface stormwater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 percent of the total construction costs.
anchorCoordination
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.