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MAY 8, 2009 – SUMMIT
HIGHLIGHTS
18th Annual Affordable
Housing Summit Emphasized Strategies for
Creating and Preserving Affordable
Housing in a Recovering Economy
The 18th annual
Affordable Housing Summit on Friday, May
8 at the Bethesda North Marriott
Conference Center delivered on its
promise to “provide reasons for
optimism” to those who provide, develop
and preserve affordable housing in
Montgomery County.
Federal government
officials -- including Carol Galante,
the newly-appointed HUD official in
charge of Multifamily housing -- brought
news of stimulus programs and exciting
opportunities available to developers in
both the public and private sectors and
she reaffirmed HUD’s strong interest in
multifamily rental housing following a
decade of misguided interest in
homeownership by the federal agency in
charge of public and assisted housing.
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Keynote Speaker Carol Galante announced:
“We at HUD are committed to restoring
federal leadership on promoting
affordable rental housing”.
Elected officials,
Congressman Chris Van Hollen and
Montgomery County Executive, Ike
Leggett, renewed promises to continue
the progress in affordable housing
creation that had begun prior to the
economy’s downturn.
Ike talked to everyone
about the importance of carrying on the
progress we have made in developing more
affordable housing in Montgomery County.
Even though the county is going through
one of the toughest economic times it
has ever gone through, developing and
preserving affordable housing MUST
remain a priority – Now is the time when
people need affordable housing the most;
it is not the time to reduce funding.
Ike announced that his 2010 budget
includes $25 million for affordable
housing through the Housing Initiative
Fund.
Ike also raised the issue
of accessory apartments – that is,
allowing people to create apartments in
their homes and rent them out. He told
the group that legislation allowing
homeowners to do this is being readied
for introduction. The issue should
appear on the county’s legislative
agenda this year.
Eight Panels convened
throughout the day helped the more than
400 attendees learn about new
opportunities. Popular panels included
“The Resurgence of Rental Housing,”
“Stimulus Package Benefits”and
“Investment Strategies in Uncertain
Times.”
Other highlights of the
conference included:
- Raymond Skinner,
Secretary of the Department of Housing
and Community Development for the State
of Maryland, announced that $28 million
from the 2009 Recovery Funding Act will
go toward the development of affordable
senior and multifamily rental projects
in Maryland. This means 22 projects
will receive Federal Low-Income Housing
Tax Credits and Rental Housing Funds
will go toward developing 2,017 units
with 215 units specifically targeted for
disabled residents.
- The
presentation of the Conference’s first
“Builder of the Year” award to Prem Puri,
a Gaithersburg developer who donated
materials worth $600,000 toward the
construction of a new 4600 sq. ft. home
to a local family who faced homelessness
after taking in ten orphaned chidren
from a family member who passed away.
- The
Conference also presented Eugene F.
Ford, Sr. with the “Paul Sarbanes
Excellence in Community Service” award
for his tremendous contribution to
creating and preserving affordable
housing over the past 40 years. Mr.
Ford founded Mid-City Financial Corp.,
Edgewood Management Corp. and CPDC, an
affordable housing nonprofit, dedicated
to providing affordable homes to low
income residents. |
