On May 8, 2018, a dedication ceremony was held for Victory Crossing, a new 105-unit rental apartment community for mixed-income seniors located near the intersection of New Hampshire Avenue and Columbia Pike in the White Oak area of Silver Spring. The sources for the new $23.8M community included a $7.8M tax-exempt permanent loan through the Freddie Mac’s tax-exempt loan (TEL) program with the Maryland Community Development Administration (“CDA”) as the governmental lender (with $11.3M in construction financing from Capital One.). Other sources included $5.4M in loans from the Montgomery County Department of Housing and Community Affairs, a $2.5M loan from CDA’s Rental Housing Works program, $5.8M in Federal Low-Income Housing Tax Credit equity (Hudson Housing as the syndicator and Capital One as the investor), and a loan and deferred development fees by Victory Housing. Victory Crossing has a Housing Assistance Payments Contract for 49 households who will pay 30% of their income towards rent. This is the first project in the State of Maryland to close utilizing the Freddie Mac TEL program. The building was designed by Grimm and Parker Architects and constructed by Hamel Builders. Habitat America LLC is the property manager.
