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Finance Winner

Activating Publicly-Funded Housing

About the Housing Production Fund

Created by the the Housing Opportunities Commission (HOC) of Montgomery County, the Housing Production Fund (HPF) is a $100 million revolving fund that provides low-cost construction financing for the development of publicly owned, mixed-income housing. The HPF is expected to produce as many as 2,000 new housing units in the county by the end of the decade, of which at least 30% will be affordable. Jurisdictions across the country are now exploring how they can adapt this model as explored in recent stories in Vox and the New York Times. 

Watch the Housing Production Fund's Winner Announcement

Montgomery County’s Housing Production Fund (HPF) is a worthy winner. They have utilized a public-private partnership model to create housing that remains affordable in perpetuity: a model that is replicable in other geographies. We were impressed by both the innovative design of this program, which uses municipal debt to provide the low cost construction loan for the mixed income developments, as well as the permanent affordability feature, as the HPF has majority ownership over its projects.

Laurie Goodman - Institute Fellow at the Urban Institute, Ivory Prize Advisory Board Member

Facts & Figures

Click the sections below to reveal some impactful details about the Housing Production Fund

The HPF is funded by an appropriation approved by the Montgomery County Council to finance $100 million in bonds

How are HPF projects funded?

The HOCMC requires a minimum of 30% affordable units in its projects

What percentage of the units must be affordable?

Unlike LIHTC projects where units lose affordability protection, HOC units are affordable in perpetuity

How long are the affordable units required to be affordable?

Previous Ivory Prize Winners

Finance Category

Home Partners of America (Co-Winner)

Landed (Co-Winner)

Next Winner: City of San Diego: ADU Bonus Program

Special  thanks to Laurie Goodman from the Urban Institute and other partners for helping us celebrate the Housing Opportunities Commission of Montgomery County's Ivory Prize award

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