The long-time Tenant Association of Takoma Park, with support from public and private sources under a model that county administrator Mark Elrich and other local elected officials can replicate elsewhere,・I bought an apartment at 112 Avenue.
According to a county news release, the Leland Tenant Association, which represents Takoma Park’s 15-unit building, purchased the building thanks to the following sources of funding:
- Approximately $1.4 million in financing from local nonprofit City First Enterprises
- $281,250 Loan from County Affordable Housing Opportunity Fund
- $600,000 grant from Takoma Parks through the state’s Department of Housing and Community Development
- $532,000 personal loan
- $250,000 loan from the National Housing Trust Community Development Fund
The building was built in 1958, according to a local realtor’s website.
According to a news release, the building contains two units that “serve households with incomes below 30% of the regional median income (AMI). 4 units to serve households with AMI income of 50-60% 4 units to serve households with AMI income of 60-80%
Fernando Lemos, of Mi Casa, a local nonprofit focused on providing affordable housing to underserved communities in the Washington, D.C. area, said tenants will be able to work under the new ownership structure. I said I should continue to pay what I can afford to pay.
“They’re neighbors. They’ve shared a building for years,” Lemos told reporters at a news briefing on Wednesday. I know our situation, and as part of the organizing, when they start deciding what they want to do with the building, if they want to keep the permanent housing in the form they choose, they want to establish a price. Communities must make that decision.”
Roughly speaking, rent used to be around $1,000 a month. It was reported earlier this year.
Lemos and Elrich said in a news briefing that tenant organizations will be charged for upkeep and upkeep of the building as they come to own it under the co-op model.
Funding has always been the trickiest part of making deals like Takoma Park happen, Erlich told reporters. Erlich added that he hopes the county’s new funding will allow tenants to replicate the model wherever they intend to purchase buildings.
Giving ownership to tenants is an important part of solving the local affordable housing problem, Elrich said.county recent Commitment to financing affordable housinghe hopes more tenants across the county will follow the model of the Leland Tenants Association.
“Hopefully other tenants will read about this and reach out and ask for help when they are informed that their building is for sale,” Erlich told reporters. “One of the things we have to do is be able to provide help early in the process and tenants understand how this is done. I think we can be more proactive in helping our tenants in the future.”