The Laureate is a 268-unit mixed-income, mixed-use, new construction project just steps away from the red line’s Shady Grove Metro Station in Rockville. The Laureate is the first new development to utilize the County’s Housing Production Fund (“HPF”). Exceeding the minimum required by the HPF, 25% of the units will be set aside at 50% AMI, and 5% of units will be set aside at Moderately Priced Dwelling Units (“MPDUs”) rents.

Construction for this project was funded without Low Income Housing Tax Credit (“LIHTC”) equity nor long-term Housing Initiative Fund (“HIF”) funding. The first units have been delivered, with the CVS retail space coming online later in 2023. The Westside master development plan includes 45 acres of land, totaling approximately nearly 1,014 multifamily units, 100 for-sale condominiums, 406 townhomes, up to 82,000 sq. ft. of retail, and a public library. The Laureate will be a critical component in the transformation of the master-planned community.  

ABOUT THE HPF:  The Housing Production Fund ("HPF") is a $100 million revolving fund that HOC developed in partnership with Montgomery County to finance the production of new, mixed-income housing across the county. Approved by the County Council in March 2021, the HPF provides revolving, low-cost, construction-period financing to HOC developments. Permanent financing repays the initial HPF investment, which is subsequently returned to the fund for investment in the next HPF transaction. At least 30% of all HPF projects is set aside for affordable housing, and through this mixed-income financing model HOC is able to deliver significant new affordable housing units without relying on scarce federal affordable housing resources like tax credits or Section 8 Project Based Rental Assistance.