MHP joins other affordable housing advocates in urging the Montgomery County Council to approve an $8 million supplemental appropriation to support a new County Affordable Housing Opportunity Fund. The fund is intended to leverage private investment in the preservation and creation of dedicated affordable housing.
In testimony to the Council, Chris Gillis, MHP’s Director of Policy and Neighborhood Development, said, “we need to get the fund up and running post haste before we miss out on acquisition opportunities that will likely surface because of the pandemic.” He encouraged the Council to increase Opportunity Fund appropriations to $10 million annually over two years, as originally proposed by County Executive Marc Elrich. The County Executive has recommended the creation of the fund to be used to preserve affordable housing through the purchase of existing buildings by partners that commit to long-term affordability.
Gillis also urged the Council to do more to spur the preservation and development of affordable housing. “We support the creation of this fund, but it is equally important that the County couple this fund with additional resources for long term permanent financing of projects this spring, ideally through issuing new bonds.”
Read his full testimony here.