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Committee endorses $2.75M in HOME funds and a PILOT for New Carrollton affordable phase
Summary
The committee gave favorable recommendations to two companion resolutions supporting a 50‑unit deeply affordable phase at New Carrollton, with a $2.75 million county allocation and tax‑credit financing combining to cover a roughly $19.37M development.
Staff and the development team presented two companion items (CR‑73 and CR‑74) to support a multifamily affordable housing phase at New Carrollton, part of a larger joint development at the Metro station. The project for the phase under consideration would create 50 family rental units restricted for 40 years, with half of the units targeted at very low AMIs (around 30–35% AMI for this phase).
Urban Atlantic and partner Housing Initiative Partnership outlined project amenities, energy‑ready construction and a sources/uses stack: private loans, Low Income Housing Tax Credit proceeds (~$12.9M), $2,750,000 requested from Prince George’s County, and state rental housing program support for a total development cost of $19,368,540. The development team emphasized that phase financing included competitive 9% tax credits.
Councilmember Olson moved favorable recommendations on CR‑73 and CR‑74; both motions carried unanimously (10–0) in committee. Staff noted that the resolutions are part of a phased project and that both actions are needed to support this particular phase’s capital stack.
The committee’s approvals send both items forward as favorable committee recommendations to the full council for final action.
