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Council backs PILOT agreement for 304-unit Fort Washington affordable housing project
Summary
The council voted in favor of a payment-in-lieu-of-taxes (PILOT) agreement for the Fort Washington by Vintage project, a $122.1 million rehabilitation of a 304-unit affordable rental community aimed at households at or below 70% AMI.
The Prince George's County Council voted to support a payment-in-lieu-of-taxes (PILOT) agreement for the Fort Washington by Vintage project, a proposed rehabilitation of a 304-unit affordable rental community at 2428 Corning Avenue.
According to the project summary presented to the council, the redevelopment would preserve and rehabilitate 304 units for low- and moderate-income households earning up to 70% of area median income. The sponsor and county staff estimated a total development cost of approximately $122,129,472, financed through a tax-exempt bond, low-income housing tax-credit equity, a seller note and deferred developer fees.
County staff and the Department of Housing and Community Development recommended a favorable vote. The council voted to move the resolution favorably and the clerk recorded the motion as carried (10-0). Council members said the project supports preservation of affordable housing and leverages federal and state resources in the county.
The PILOT authorizes the county to enter into the payment agreement under terms described in the resolution and to proceed with standard administrative steps required to close financing and commence rehabilitation work.
