Takoma Park Direct Cash Assistance

Takoma Park Direct Cash Assistance in-person application events on Wednesday, December 7, and Thursday, December 8

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Housing Initiative Partnership, Inc. (320 Lincoln Avenue Project)

Open House

Below is a video link to the open house to celebrate the completion of the Lincoln Avenue Project. The video was taken on Saturday, August 20, 2022

Project Overview

In Spring 2021, the City of Takoma Park received notification of the pending sale of a small cottage on Lincoln Avenue. Because the property was a rental, and the existing renter had declined to purchase the home, the City could exercise its right to purchase it through the Tenant Opportunity to Purchase Law (TOPL). The City selected the nonprofit developer, Housing Initiative Partnership, Inc. (HIP), to develop the property into an affordable homeownership opportunity. The HIP is a 30-year-old housing developer and counseling agency specializing in transforming small, underutilized, and inefficient spaces for sale to first-time homeowners.

HIP’s renovation plan nearly doubles the amount of living space by building a vertical addition that will accommodate four bedrooms and two full bathrooms. Other improvements focus on adding efficiency using HardieBoard siding and Energy Star certified mechanical equipment, insulation, water heater, appliances, windows, and exterior doors. The renovation also calls for eliminating hazards, such as lead-covered asbestos siding, airborne mold spores, and gas and oil appliances contributing to carbon pollution.

The 320 Lincoln Avenue Project advances the Council’s goals to preserve affordable housing stock and provide “missing middle” homeownership opportunities; improve the physical condition, safety, resiliency, and energy efficiency of existing housing; and build partnerships with other organizations to advance the City’s housing goals.

Income Eligibility

The home will be sold to a qualified first-time buyer earning less than 120% of the area’s median income (AMI). The maximum annual income for an individual is $119,532 and $170,760 for a family of four.

Household Size80% AMI100% AMI120% AMI
1$79,688.00$99,610.00$119,532.00
2$91,0720.00$113,840.00$136,608.00
3$102,456.00$128,070.00$153,684.00
4$113,840.00$142,300.00$170,760.00

In addition, buyers must attend a Homebuyer Education Workshop and complete pre-purchase counseling with HIP’s certified housing counselors.

 

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Mortgage Details
  • Sales Price: $825,000
  • Buyer’s First Mortgage: $495,000
  • Seller Financing
    • Takoma Park: $200,000
    • HIP: $130,000

The seller-financed mortgage will be non-interest bearing, will require no principal payment, and will be forgivable over 25 years beginning in year five.

Current Status

The property is now complete, and the City is currently undergoing the selling process.

Project Lead and Contact Information

Jocelyn Harris, Senior Housing Developer
Housing Initiative Partnership, Inc.
jharris@hiphomes.org / 301-699-1222

David Eubanks, Housing & Community Development Director
City of Takoma Park
davide@takomaparkmd.gov / 301-891-7119

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