Sligo Apartments
Update
11/27/23
Green Street Housing and TM Associates Development to Break Ground at Silver Spring Affordable Apartment Community
Green Street Housing and TM Associates Development, two of Maryland's largest affordable rental housing developers, will host a groundbreaking ceremony for Sligo Apartments in Silver Spring, Maryland on Monday, November 27, 2023
Sligo Apartments is a new construction residential development, that is 100% affordable with restricted rents. Sligo Apartments will provide a modern, high quality apartment community dedicated to providing quality affordable housing to qualifying tenants in need, as well as market rates units and commercial rental space. The property is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One – who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development. Ed Delany, Community Finance Senior Capital Officer for the Mid Atlantic at Capital One said "At Capital One, we understand that financing the creation and preservation of affordable housing is essential to mitigating the ongoing crisis across the nation, and especially in Montgomery County. We were pleased to once again leverage the LIHTC program, as well as provide construction debt and a Freddie Mac permanent loan, to bring the new Sligo Apartments development to life."
The co-developers, Green Street Housing and TM Associates Development, have developed many similar projects across Maryland and are proud of Sligo's promise to provide affordable housing to its residents and serve as a long-term community asset to Silver Spring and the surrounding area.
"Sligo Apartments is a great project and we are excited to bring another high-quality affordable rental community to Maryland," said Dave Layfield, Principal of Green Street Housing.
