COLUMBIA, MD—The Howard County Housing Commission in an attempt to preserve affordable housing is considering the purchase of the 200-unit Columbia Commons Apartments here.
Tom Carbo, executive director of the housing commission, says the purchase price for the complex in the village of Kings Contrivance would be $31.6 million.
"In order for [the commission] to continue to provide affordable housing, we have to be able to generate revenue," Carbo says. The purchase would be funded via bonds issued by the commission. Revenue from the property will go toward paying back the bonds. Profits would go to supporting other commission initiatives, according to the Baltimore Sun.
Carbo says the commission plans to maintain the current mix of affordable housing at the well-maintained complex. At present 52 units are priced at moderate-income levels, 50 units at low-income levels and 98 are market-rate units. See story in the Baltimore Sun.
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