County Officials Celebrate Opening of Senior Rental Housing in Germantown: Churchill Senior Living, Phase II Includes 134 new Mixed-Income Apartments

Theo tin quận Montgomery

For Immediate Release: Tuesday, December 20, 2016 Montgomery County Executive Isiah Leggett today took part in the ribbon-cutting ceremony for Churchill Senior Living, Phase II, a mixed-income six-story apartment building with 134 units for seniors age 62 or older. Of those, 121 units are affordable housing and 13 are rented at market-rate. While a majority of these units are occupied, approximately 50 remain available for new rental. “Churchill Senior Living, Phase II is another positive result of our mission to create and preserve affordable housing, especially for seniors,” said Leggett. “This initiative is part of our ongoing effort to make Montgomery County a community for a lifetime.” Leggett was joined by County Councilmember Craig Rice, Department of Housing and Community Affairs Director Clarence J. Snuggs and Joe Parreco, developer, Oakwood Properties. “Montgomery County has been experiencing changing demographics in recent years,” said Montgomery County Councilmember Craig Rice, who represents Council District 2 that includes the Germantown area. “Many residents who have called Montgomery County home want to retire here — near their families and friends—rather than following the old traditional route of heading for warm weather retirement destinations. However, to allow people to retire here, we must have living situations that are both desirable and affordable. The Churchill Senior Living community provides just that. It is a community that thrives with life, comfort and convenience. We are glad that Churchill Senior Living provides this special opportunity for our senior residents to keep living in the County they know and love.” “I am proud that the second phase of this project has come into being. Everyone involved can draw a sense of satisfaction about this contribution to the community,” said Parreco. “Many people who grew up in this area and want to retire in Montgomery County can do so affordably – with amenities that include community rooms, wellness features and transit access.” Churchill Senior Living, Phase II was constructed at a cost of $20 million. Financing included $17.1 million in Housing Opportunities Commission bonds and Montgomery County loans totaling $3.1 million. Due to the financing methods used, all but 13 of the 134 units are available at reduced rents for persons who are age 62 and older and have income less than 60 percent, or 50 percent, of area median income. Financing for the senior housing project included two 40-year loans arranged by Montgomery County. These include a Housing Initiative Fund (HIF) loan of $1.1M and a HOME Investment Partnership loan of $2M. The property is owned by Churchill Senior Living II, LLC and managed by Oakbridge Management. With the support of the Montgomery County Congressional delegation, the federal Low Income Housing Tax Credit program provided critical construction and permanent financing for Churchill Senior Living, Phase II.The Maryland Department of Housing and Community Development, as the state administrator of the federal Low Income Housing Tax Credit Program, assured the allocation of $760,592 of annual four percent Low Income Housing Tax Credits with an estimated equity value of $7,910,159. Grimm and Parker designed Churchill Senior Living, Phase II. Macris, Hendricks, and Glasscock, P.A. provided the civil design for the construction project. The first phase of Churchill Senior Living was built in 2001 and has 121 units. Churchill Senior Living, Phase II includes 30 one-bedroom units and 104 two-bedroom units as well as several community rooms, a wellness center, an exercise room and a swimming pool membership for residents at Waters Landing Community Association.Montgomery County Ride On Bus Route 98 stops at the front door. Currently, 71 units are occupied and processing is underway for occupants to move into ten additional units. Site managers are actively advertising to lease the balance of the units. More information is available at www.churchillseniorliving.com. # # # Media Contacts: Montgomery County: Lorraine Driscoll, 240-777-6507 Oakwood Properties: Joe Parreco, jparreco@oakwoodproperties.net Release ID: 16-439 Media Contact: Lorraine Driscoll 240-777-6507

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