New Home Community: Olney Springs, 18241 Bowie Mill Road | Olney, MD 20832
Description: 114 New, Mixed-Income for-sale homes on 32 acres
Strategic Importance: Public-Private Partnership, Mixed-income community built on surplus County land.
Provides 34 Workforce homes, 34 MPDUs and 46 Market Rate homes
Co-Developed by: Elm Street Development and Montgomery Housing Partnership (MHP)
Homebuilders: Richmond American Homes, Ryan Homes, and Craftstar Homes
Land Acquisition Cost: $2.65 million
Total Est. Development Cost: $11.23 million
Total Est. Home Sales: $49.93 million
WELCOME TO OLNEY SPRINGS IN MONTGOMERY COUNTY, MD
Olney Springs is a new construction mixed-income, for-sale community located on Bowie Mill Road in Montgomery County. It was completed in September 2015, and was a public-private collaboration between MHP, Elm Street Development, and Montgomery County.
Olney Springs features 57 detached single-family homes and 57 townhomes on a 32-acre parcel of land previously owned by the county. It is one of the first mixed-income communities in the County to feature workforce priced homes in addition to affordable and market rate.
The Olney Springs Groundbreaking Ceremony was held on September 12, 2012, with County Executive Isiah Leggett and several members of the County Council attending. Construction began immediately. The first new homebuyers moved into their newly built, affordable homes in late October 2013, just in time to celebrate the holiday season.
The Olney Springs Homeowners association held its first meeting in December 2014. The Grand Opening and Ribbon Cutting Ceremony was held on June 24, 2015, and the community was completed in September.
Olney Springs – Mixed-income For-sale Pricing
Community features at Olney Springs include extensive walking paths and biking trails, two playgrounds and tot lots, picnic areas, and a basketball court surrounded by a wooded conservation area and stream.
The housing mix and pricing structure of the 114 homes built were as follows:
30% Moderately Priced Dwelling Units (MPDUs):
34 – Townhomes, sold for $164,000 – $192,000
30% Work-Force Homes:
The home builders employed a 3-tiered sales pricing structure for the 34 workforce homes:
- One-third priced for households with incomes at or below 75% AMI
- One-third priced for households with incomes at or below 90% AMI
- One-third priced for households with incomes at or below 110% AMI
11 – Townhomes, sold for $253,600 – $260,200
12 – Townhomes w/garages – sold for 308,100 – $322,200
11 – Single Family Detached, w/rear garages, from $408,700 – $422,400
40% Market Rate Homes:
9 – Single Family Detached w/rear garages, sold for $518,000 – $644,200
37 – Single Family Detached, w/front garages, sold for $641,000 – $762,700