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- County Awards $7 Million to Bedford-Victoria Station Apartments in First Right of First Refusal Loan
County Awards $7 Million to Bedford-Victoria Station Apartments in First Right of First Refusal Loan
For Immediate Release:
January 10, 2023
COUNTY AWARDS $7 MILLION TO BEDFORD-VICTORIA STATION APARTMENTS
IN FIRST RIGHT OF FIRST REFUSAL LOAN
Largo, MD --- The Prince George’s County Department of Housing and Community Development (DHCD) awarded Jair Lynch Real Estate Partners the first Right of First Refusal (ROFR) Loan from the County’s new ROFR Preservation Loan Fund. The affordable housing developer received $7 million for the Bedford-Victoria Station Apartments in Langley Park to assist with the acquisition costs. In October of 2021, the County Council also approved a Payment in Lieu of Taxes (PILOT) for Jair Lynch Real Estate Partners to assist in making critical improvements to the property.
“This is a crucial and necessary investment for our County’s affordable housing community,” said Prince George’s County Executive Angela Alsobrooks. “We are proud to support Jair Lynch Real Estate Partners and their plans to make significant property improvements and look forward to the peace of mind residents will have with safe, quality, and affordable housing options. We are excited to continue expanding on our affordable housing work from the first term of our Administration, which allowed us to preserve and create over 3,100 affordable housing units for Prince Georgians.”
Bedford-Victoria Station Apartments consists of 587 units. The ROFR Loan and the PILOT will ensure the on-going affordability of 440 of those units (75% of the total) under the terms of a 20-year affordability covenant.
“Prince George’s County’s investment in Bedford & Victoria Station via the ROFR Preservation Fund loan exemplifies the County’s commitment to preserving quality, attainable housing long-term in partnership with our firm,” said Phuc Tran, Vice President of Asset Management for Jair Lynch Real Estate Partners. “The support of Prince George’s County and the ROFR Preservation Loan Fund has enhanced our ability to greatly improve the quality of housing for our residents while maintaining the property’s affordability and keeping long-term residents from being displaced. The award of the ROFR Preservation Fund loan will advance our efforts to address deferred maintenance and make significant property improvements including the installation of new windows, lighting, kitchen/bath updates, structural and sustainability updates, and the creation of new outdoor amenities and playground equipment. The funds will also help further our efforts in providing much-needed resident services to all those who call Bedford & Victoria Station home.”
In November 2021, County Executive Alsobrooks in partnership with the County Council, committed $15 million from the American Rescue Plan Act over a three-year period that allowed DHCD to launch the ROFR Preservation Fund. The fund supports the preservation of existing naturally occurring affordable housing in the County. It is used to strengthen the implementation of the existing ROFR program and assists in preserving the affordability in properties located in Qualified Census Tracts, particularly in transit-oriented areas as well as targeted areas of economic development growth. The fund helps to ensure that low and moderate County renters can maintain residency as the County grows and prospers. Since the County’s $15 million commitment, the State of Maryland has also provided $10 million to further support the County’s ROFR Preservation Loan Fund.
In December 2020, the County launched the ROFR program, and has exercised its right of first refusal on several properties, preserving over 1,200 apartment units throughout the County since that time.
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