MONTCO FORWARD
Loan program backs 60-unit housing development
Montgomery County has announced that the county’s MontcoForward Loan Program recently closed on its first housing affordability loan in partnership with the Walters Group, LLC to support a 60-unit multifamily development in Upper Gwynedd Township.
The MontcoForward Loan Program is designed to provide low-interest loans to support projects in Montgomery County that provide significant economic growth opportunity and positive community impacts. This includes loans to small businesses and new industries for land acquisition, equipment, agriculture construction, and now includes accessible housing developments, a press release from the county stated.
“I am very proud to have voted to authorize the Montco Forward Loan to support housing affordability in Montgomery County,” Jamila H. Winder, chairwoman of the Montgomery County Board of Commissioners, said in a statement.
“This further demonstrates Montgomery County’s commitment to providing housing affordability options across our county. Montgomery County recognizes that housing affordability is crucial to the economic health and development of our community. In short, businesses and employers need homes that all types of employees can afford. Stable housing promotes a more stable workforce.”
Local debate
The Walters Group project has been proposed for Pennbrook Parkway and caused plenty of commotion in Upper Gwynedd last summer. Advocates including county officials said the project’s “workforce housing,” meant for residents who meet certain low-income qualifications, could help meet a shortage of housing around the county and set an example for other municipalities to follow.
However, residents opposing the plan voiced concerns about those who would live there, impacts on property values, traffic and crime rates, and said they objected to township officials solving countywide problems.
Upper Gwynedd officials said that the township had no involvement in the county grant funding and that the developer had not yet submitted any formal land development plans since a zoning change was approved last August.
County loan program
According to the county, borrowers developing multitenant housing with an affordability component available to the workforce may now apply for up to 50 percent of project costs up to $1 million; these loan applications will be evaluated in partnership with the Montgomery County Office of Housing and Community Development.
The goal of the loan program is to support Montgomery County’s workforce and revitalize communities,
and including housing in this strategy aligns with the priorities laid out by county commissioners.
“Montgomery County is a vibrant, diverse, and prosperous county. To keep it that way and build upon all the things that make Montco a great place to live, work, learn, and invest, we all have a role to play to make housing affordability a reality,” Commissioner Neil K. Makhija said in the county press release.
“Expanding the scope of the Montco Forward program furthers the mission that everyone in Montgomery County has equal opportunity to live in an affordable home and in a thriving community,” he said.
Montgomery County, through its Commerce Department and the Montgomery County Redevelopment Authority, utilizes a coordinated approach to provide economic and workforce development services and assistance to individuals, entrepreneurs, investors, businesses, communities, and institutions.
“The Montgomery County Redevelopment Authority is pleased to have closed on its first housing affordability low-interest loan through the Montco Forward program,” said Executive Director Aliyah Stanger. “We acknowledge that workforce housing is crucial for fostering robust economic development opportunities within our communities.”
The Parkway project
The Upper Gwynedd project will encompass all aspects of a transit-oriented design including proximity to industry and jobs by walking, biking, and public transportation.
“We are proud to be bringing quality affordable housing to Upper Gwynedd in Montgomery County. We are extremely grateful to the county for their strong support on this worthwhile development” said Joseph DelDuca, principal of the Walters Group, LLC.
“For those who need to live close to where they work — such as our fire, police, emergency personnel, and health care workers — not being nearby in the event of an emergency is a detriment to everyone. Housing for our workforce is essential to safe communities,” said Commissioner Thomas DiBello, quoted in the press release.
Businesses and developers are invited to apply to the MontcoForward Loan Program by visiting www. montcoforward.org.