'210 on the Park' affordable housing project receives favorable committee recommendation

The PHED Committee voted 4-0 to recommend favorable consideration of a housing authority resolution supporting the "210 on the Park" affordable multifamily rental project in Capitol Heights.

Executive Director Stone Mitchell (introduced by staff) presented the project for the housing authority and described it as a proposed development on about 3.37 acres on Maryland Park Drive that would include roughly 150 income-restricted rental units in a five-story, elevator-served building near the Capitol Heights Metro. The presentation described 1- and 2-bedroom units targeting households at 40%, 50% and 60% of area median income, with an average affordability target near 60% AMI, and unit sizes ranging roughly from 712 to 1,079 square feet.

Mitchell outlined financing plans relying on tax-exempt bond issuance and 4% low-income housing tax credits, and walked committee members through sources and uses included in the agenda package. The presenter cited several financing lines and contingency figures in the packet, and stated estimated housing authority revenue from application and issuance fees of "approximately $755,000 over the life of the loan." He also pointed to expected construction job creation (about 290 jobs) and an estimated 78 permanent jobs at the site. The sponsor noted the project is in their district and moved to advance the resolution; the motion carried 4-0.