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Council backs Highlands Senior Apartments with $2.5M Housing Investment Trust Fund loan and PILOT
Summary
The council approved resolutions supporting Highland Senior Apartments, a proposed 137-unit senior affordable development in Landover, including a $2.5 million HITF loan and a PILOT agreement; council reported favorable committee votes.
Prince George's County moved forward with support for the Highlands Senior Apartments, a proposed 137-unit senior affordable housing project slated for 6801 Sheriff Road in Landover. Committee reports described the project as serving seniors at 60% or below area median income with rent restrictions for 40 years; the committee voted favorably and council adoption followed for the related resolutions.
Committee materials reported financing will include a $2,500,000 loan from the County's Housing Investment Trust Fund in addition to tax-exempt bond financing, low-income housing tax credit equity and a state rental housing program loan. Reverend Henry P. Davis and Joe Byrne of Community Housing Initiative spoke in support during committee. The council recorded favorable votes on the resolutions; the committee of the whole had voted 9-0 in favor.
