FOR IMMEDIATE RELEASE
Tuesday, September 13, 2016
CONTACT : Erin Bradley
Housing Opportunities Commission of Montgomery County and EYA Break Ground on New Development
KENSINGTON, MD—On September 13th the Housing Opportunities Commission (HOC), EYA and County Officials gathered to break ground for construction of Chevy Chase Lakes, a luxury mixed income community. Once home to roughly 68 garden-style apartments, the redevelopment of this site will transform the space into a new, vibrant community.
“This development is the result of an exciting partnership with EYA and our finance partner the Morris and Gwendolyn Cafritz Foundation. The public-private partnership allows us the opportunity to develop a first class, mixed income community in one of Montgomery County’s most appealing housing markets,” said HOC Executive Director Stacy L. Spann
Located in the heart of Chevy Chase, the site will house a 200-unit luxury apartment building and 62 luxury brownstones. In keeping with HOC’s mission to provide affordable housing throughout Montgomery County, 40% of the apartments will be offered at less than market rate. While the majority of the brownstones will be sold at market rate, 10 will be set aside as moderately priced units for people who qualify based on income.
“This redevelopment project will increase the amount of affordable and workforce housing on this site,” said Leggett. “Eighty of the 200 apartment units will be offered at a less-than-market rate. Located near jobs and shopping, this transit-oriented development will soon have a Purple Line rail station.”
In addition to exceptional transportation infrastructure, the amenity rich community will include a half-acre public park between the apartment building and brownstone complex. The apartment building will make use of open space, an indoor/outdoor atrium, and multiple community rooms.
“This community is changing the game as to how we provide housing in the County,” said Spann. “By creating a genuinely inclusive community of this caliber, with strong employment, recreational and environmental amenities, we are positioning ourselves at the forefront of not just affordable housing, but real estate development as well.”
About the Housing Opportunities Commission of Montgomery County:
The Housing Opportunities Commission of Montgomery County (HOC) was established in 1974 to better respond to the County’s need for affordable housing. HOC’s mission is to provide affordable housing and supportive services that enhance the lives of low- and moderate-income families and individuals throughout Montgomery County, Maryland. To achieve this mission, HOC operates as a public housing agency, a housing finance agency and a housing developer.
EYA is a smart growth developer, specializing in walkable new townhome communities and mixed-use developments. Since its founding in 1992, the company has built nearly 30 neighborhoods in the Washington Metropolitan area. For more information on the company or its neighborhoods, visit http://www.eya.com/.
About the Cafritz Foundation:
The Morris and Gwendolyn Cafritz Foundation is the largest private, independent, local foundation focused exclusively on the Washington, D.C. metropolitan area. The Foundation is the legacy of Morris Cafritz, one of Washington’s leading commercial and residential builders from the early 1920’s to the mid-60’s , and his wife Gwendolyn Cafritz. The Foundation is committed to improving the quality of life for residents of the Washington, DC area.