The St. Mary’s County Board of Commissioners today agreed to provide a Payment in Lieu of Taxes (PILOT) to facilitate Housing Trust of America’s (HTA) purchase and renovation of Fox Chase Village Apartments.
This financing tool will allow HTA to acquire this 15-year-old apartment complex, make needed upgrades, and maintain most of the units at affordable rents.
Wallace Scruggs, president, HTA, credited the County Commissioners with their commitment to ensure affordable housing opportunities.
“This will be our second project in St. Mary’s County,” said Scruggs. “We cut the ribbon at River Bay Townhomes in the Fall and look forward to providing another quality affordable rental community in St. Mary’s County at Fox Chase.”
“This apartment community is located in the heart of our most populated area,” explained Thomas F. McKay, President, St. Mary’s County Commissioners, “This workforce housing was originally financed under a program set to expire. HTA’s purchase and the county’s ability to provide an innovative PILOT will allow for continued stable rents.”
A PILOT allows the owner to pay an annual percentage of revenues rather than the traditional taxed rate on assessed value. “A PILOT is a win-win strategy,” added Commissioner Dan Raley. “The county will continue to receive revenues and HTA will continue to provide affordable rental rates for essential members of the county’s workforce.”
The county and HTA worked closely with Maryland’s Department of Housing and Community Development and its Community Development Administration to collaborate on this project.
For more information about the county’s housing assistance programs, call 475-7844, ext. 1434. For more information about Fox Chase Village Apartments, call (301) 863-8230.