MoCo Minute | New program launches to help families find affordable housing in Montgomery County

MONTGOMERY COUNTY, Md. ( DC News Now ) — In a proactive move to combat the pressing issue of affordable housing, Montgomery County has teamed up with the Housing Opportunities Commission of Montgomery County (HOC) to launch the Nonprofit Preservation Fund.

This partnership, which boasts a commitment of $50 million, aims to not only safeguard existing affordable housing but also to shape a future where everyone has access to affordable living.

The Nonprofit Preservation Fund is a strategic initiative designed to redefine the landscape of housing stability in the county. It focuses on providing low-interest loans to support nonprofit developers and HOC in preserving Naturally Occurring Affordable Housing (NOAH). This approach targets properties that are at least 20 years old, with over 25,900 units identified as at risk without intervention.

One of the key strategies of the fund is to collaborate with nonprofit entities and local housing authorities to ensure the preservation of affordable housing units. Applications for support from the Nonprofit Preservation Fund will be reviewed on a rolling basis, allowing for timely interventions to protect vulnerable housing stock.

This partnership underscored Montgomery County’s commitment to innovative solutions in addressing the affordability crisis. By leveraging the Nonprofit Preservation Fund, the county said it aims to not only preserve homes but also to provide a beacon of hope for residents in need of stable, affordable housing.

For more information and updates on the Nonprofit Preservation Fund, interested parties can visit the official Montgomery County and HOC websites.

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