Affordable Senior Housing @ St. Anne's
Saint Anne's ANnounces INitial Plans to Build Affordable Senior Housing
January 22, 2017
St. Anne's Episcopal Church has long recognized the need for more affordable senior housing options in northern Montgomery County. We are pleased to announce that we have partnered with Mission First Housing Group, a non-profit organization that builds affordable housing, to build a housing community on St. Anne's property for independent seniors wishing to be able to continue to live in this beautiful part of the county. The project is being designed to be environmentally friendly as part of St. Anne's commitment to be good stewards of the resources we are blessed with. In addition, the project will keep the beauty and integrity of our site and is being designed to have little impact on our neighbors bordering our property. It is anticipated that we will submit plans to the county within the next couple of months.
Frequently Asked Questions
What is being proposed?
Construction of 75 units of affordable (mixed income) housing for seniors.
Why is St. Anne’s doing this?
- Providing housing for those less fortunate is a good thing and fits in with our Christian Mission.
- There is a big need for affordable housing in Montgomery County, especially for seniors.
- It was the wish of one of St. Anne’s founding members to “do something for seniors.”
What is meant by “affordable” and “mixed income?”
- Affordable housing is defined as housing that can (in this case) be rented by persons whose income is between 30% and 60% of the Area Median Income (AMI), as defined by HUD.
- “Mixed income” housing means that there will be a few apartments for people who earn more than 60% of AMI. This allows people who are “over income” to live in the community as well.
What does 30% to 60% of AMI actually mean?
Residents will have to qualify based on having a certain level of income. In Montgomery County, that will translate to people with annual incomes between approximately $22,950 (one person at 30% AMI) to $52,440 (two persons, 60% AMI), adjusted to the time when the property will be leasing up.
Will this be a HUD-owned building?
No, the building will be owned by a sole purpose entity (an LLC) of which St. Anne’s will be a member.
Is this “subsidized housing”?
No, not in the sense the government “subsidizes”, or pays a portion of the rent, for the tenants.
Who will live there? What are the age restrictions?
Residents will be 62 years of age or older, and apartments will be rented to those person who qualify on the basis of age and income, and who pass both background and credit checks.
How will it be financed?
The project will be financed through a combination of 4% Federal Low Income Housing Tax Credits (LIHTCs), tax exempt bonds issued by the State of Maryland, an anticipated low-interest loan from Montgomery County Department of Housing and Community Affairs, and a conventional mortgage. The public sources of funding allow the rental rates to be affordable – the conventional mortgage has to cover a relatively small portion of the total development costs.
Will the residents be limited to church members?
No, in fact, it would be illegal to limit residency to church members. The property will meet all Equal Housing Opportunity regulations. However, church members may live there if they are income-qualified or if they select a “mixed income” (non-income-restricted) unit.
What will the rents be?
It is too early to say definitively, but it is anticipated that the rents will be in the $600 +/- to $1,500+/- range (in current dollars).
Will the church be actively involved in the management of the building?
The property will be managed by a professional property management company that will report to a representative of St. Anne’s on a quarterly basis.
Who can I speak with to get on the waiting list?
An “interest list” will be available on our website when construction is close to starting; a formal waiting list will be maintained by the property management company closer to opening.