Dedication ceremony for Victory Haven Apartments
On October 1, 2020, a virtual dedication ceremony was held on-site for Victory Haven Apartments, a newly constructed 72-unit rental apartment building for mixed-income seniors on Main Street (Route 108) in downtown Damascus, Maryland. Completed in June 2020, the new property has 54 one-bedroom and 18 two-bedroom units, with 65 units (90%) reserved for seniors earning a range from 60% to 30% of area median income or less.
Amenities include a multi-purpose room, game room, fitness center, wellness room, library with computer terminals, bike storage room, and hospitality suite. In addition, the community was constructed with many energy-efficiency features in mind, such as EnergyStar appliances, LED lighting, and higher efficiency heating, air conditioning and insulation.
Financing for the $23.7M project includes tax-exempt bonds, 4% low-income housing tax credits, a $2.5M loan from Maryland DHCD’s Rental Housing Works program, a $6.5M loan from Montgomery County, and a $2M loan from Victory Housing partially funded with $1.5M in grant funding from the Housing Opportunities Commission of Montgomery County (“HOC”) and $125K from the TD Bank Charitable Foundation.
Victory Haven’s project development team included Hamel Builders, Grimm & Parker Architects and Habitat America LLC (property management).