SILVER SPRING, MD—The JBG Cos. is extending the term for 90 rental assistance units at the Falkland Chase Apartments, which it acquired in 2013 for $98 million.
When it bought the Falkland Chase, the 450-unit complex was operating under a 1985 agreement with the county that called for 90 units be leased for rents at 60% and 40% of the area median income. That agreement expires this year. Montgomery County's Department of Housing and Community Affairs has secured an extension of the rent-assisted units for another five years. The affordable housing component is spread throughout the complex's three parcels.
Affordable housing is a chief housing goal in Montgomery County and local officials use their authority to keep up the supply, oftentimes by providing development approval in exchange for an affordable housing component. "Over the past eight years we have created or preserved nearly 15,000 affordable housing units," says County Executive Ike Leggett in a prepared statement. "This agreement with JBG is another important step."
When JBG acquired the Falkland Chase, the north parcel had final site plan approval to develop a maximum of 1,250 multifamily residential units in four high-rise buildings and 70,000 square feet of retail space.
JBG also announced that the north parcel, with 182 existing units, has been approved for this redevelopment. Roughly 215 of the new units, about 17%, will be maintained as affordable or workforce units.
The first phase is expected to deliver within five years.
The west and south parcels, with 268 units, are not slated for redevelopment.
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