The Housing Initiative Fund is intended to promote, preserve, and produce more affordable housing in Frederick County, Maryland.
“You can look at it as an account into which the county places it’s funds to promote housing and community development,” said Frederick County Department of Housing & Community Development Director, Milton Bailey.
“What we recognize is that there are groups that we want to keep in Frederick County and those are groups include the folks that are entering the work force , our seniors that are getting older but have a fixed income. We have a large population of folks that are barely getting by in Frederick county,” Said Frederick County Citizens Services Division Director, Monica Grant.
Frederick County Citizens Services officials say they’ve got a developing pipeline to meet not only their existing need for affordable housing, but the future need as well. They say they’ll be funding about 400 units of affordable housing a year.
“…But we recognize that we actually need about 800 units of affordable housing a year to keep up with the demand… If we project out for the next couple of decades,” added Grant.
Once completed, the apartments located on the 500 block of North Market Street will offer some affordable housing units.Officials say it’s something that’s needed especially in the Downtown Frederick area.
“520 North Market is going to have a mix of market rate and primarily affordable housing. It’s in a perfect location… it’s in a great location for folks that are entering the work force, and for seniors and it it intended to serve both of those populations,” added Grant.
“The County Executives objective is to make sure that we develop a brighter future for our residents. That necessarily includes making sure that our residents have safe decent and affordable housing where they live, were they work, and where they play,” said Bailey.