Silver Spring, MD – Enterprise Community Development was joined by County officials, partners and residents today to celebrate the grand opening of Park Montgomery and Park Montgomery West Apartments, a $74 million affordable housing redevelopment located at 8860 Piney Branch Rd, Silver Spring, MD 20903. The two-building community includes 217 high-quality, energy-efficient apartments—all affordable to households earning 60% or less of the area median income (AMI)—with 141 fully renovated homes at Park Montgomery and 76 newly constructed homes at Park Montgomery West.
“Park Montgomery and Park Montgomery West demonstrate how thoughtful redevelopment can preserve affordability while delivering modern, sustainable homes that strengthen neighborhoods,” said Janine Lind, president of Enterprise Community Development. “We’re proud to partner with Montgomery County and our financing and design partners to create a vibrant community that ensures residents can thrive near jobs, transit and opportunity.”
Located just a quarter mile from the future Piney Branch Purple Line station, the community provides residents with convenient access to employment, education, health care and shopping across the region. Apartments feature updated kitchens and bathrooms, improved accessibility and energy-efficient systems. Shared amenities include a new community center, fitness facilities, landscaped gathering areas and secure bike storage.
As part of the redevelopment, residents and local youth collaborated with local artist, Joel Bergner, on a new mural, Our Dreams in Flight, which now adorns the property. The completed artwork features colorful hot air balloons rising from an open storybook, symbolizing imagination, unity, and the boundless dreams of the Piney Branch Road community.
“Park Montgomery is a terrific example of how Montgomery County’s investments in housing help keep neighborhoods affordable and open up transit-accessible options for residents,” said Montgomery County Executive Marc Elrich. “By supporting this project, the County preserved and renovated existing affordable homes near the Purple Line so they weren’t lost to the market. Plus, we added 50% more units to the site, which is less than a quarter mile from the future Piney Branch station. I want to thank our nonprofit partner Enterprise Community Development for making this project a reality, and DHCA and the Maryland Department of Housing and Community Development for providing critical financial support.”
Originally built in 1971, Park Montgomery underwent a comprehensive renovation, while the adjacent property, formerly an outdated parking structure, was transformed into Park Montgomery West, delivering new, sustainable housing to meet community needs.
The project was financed through a combination of 9% and 4% Low-Income Housing Tax Credits, senior mortgage financing arranged by Bellwether Enterprise, LIHTC equity through Enterprise’s housing credit investment business with Bank of America and funding from the Maryland Community Development Administration and Montgomery County Department of Housing and Community Affairs.
“Park Montgomery is the latest delivery for Bank of America’s longstanding partnership with Enterprise and Montgomery County to ensure the DMV remains an affordable place for everyone to live,” said Larry Di Rita, President, Bank of America Greater Washington, DC.
Soto Architecture & Urban Design served as project architect, Harkins Builders as general contractor, Charles P. Johnson & Associates as civil engineer and Enterprise Residential provides property management and resident services.
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Enterprise Community Partners is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $72 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.
Enterprise Community Development is a mission-driven affordable housing provider that specializes in high-impact residential development, preservation, property management and resident services for more than 24,000 people who call our communities home. Our $1.4 billion portfolio includes 115 communities and 14,000 homes, positioning us as the largest nonprofit affordable housing provider in the Mid-Atlantic and the sixth largest nonprofit owner of affordable housing in the United States. We are an affiliate of Enterprise Community Partners. For more information, visit www.enterprisecommunitydevelopment.org.