121 Affordable Units Added for City Residents
Rockville Housing Enterprises, the city’s public housing agency, recently acquired Scarborough Square in the city’s College Gardens neighborhood, which provides and preserves 121 affordable housing units in the City of Rockville.
Scarborough Square has a variety of units, including larger ones that are often in short supply but ideal for families. The property’s 121 one-to-four-bedroom units are contained in townhomes and multifamily buildings. RHE plans to modernize the building over the next two to four years.
The acquisition of Scarborough Square is a step towards achieving the city’s housing policy objectives outlined in the 2040 Comprehensive Plan. The Regional Metropolitan Council of Government’s goal is to increase the number of affordable units in the city of Rockville to 1,000 by 2030. To support this goal, RHE acquired Scarborough Square apartments through the Montgomery County Right of First Refusal program in November 2022. The acquisition was made possible through intergovernmental and public-private partnerships with the City of Rockville, Montgomery County and a private lender, ORLO.
The City of Rockville provided $1.8 million towards the acquisition; the county provided $44 million in interim financing and $10 million permanent financing; ORLO provided $33 million in funding towards the acquisition financing.
For more information about RHE, visit www.rockvillehe.org.