90 Apartments at Falkland Chase to Remain as Affordable Housing

Ninety apartments at Falkland Chase Apartments in Silver Spring will remain as affordable housing for the next five years.

Falkland Chase, 8305 16th St. in Silver Spring, is a 450-unit garden apartment community spanning 22 acres across three buildings. Since 1985, the complex has operated under an agreement with Montgomery County to rent 90 apartments at 60 percent and 40 percent of the area median income. That agreement expires this year, allowing the 90 units to return to market price.

But The JBG Companies, owner of the Falkland Chase Apartments since April 2013, and Montgomery County’s Department of Housing and Community Affairs entered into an agreement Monday to extend the term for 90 apartments at the complex for another five years.

“The work being done to maintain a supply of affordable housing is multifaceted, and public-private partnerships like this one, which is keeping 90 units from returning to market, are an important component,” said Rich Jordan, a JBG senior vice president for development, in a news release.

Montgomery County Executive Ike Leggett says affordable housing is a high priority for him.

“Over the past eight years we have created or preserved nearly 15,000 affordable housing units,” said Leggett. “This agreement with JBG is another important step.”

Falkland Chase is located less than a quarter-mile from the Silver Spring Transit Center. The 90 units saved as affordable housing is spread across the three buildings.

“Advocates for affordable housing stress the importance of having an affordable housing supply near public transit,” said Richard Nelson Jr., Director of the Department of Housing and Community Affairs. “JBG’s willingness to maintain the availability of affordable units at Falkland Chase is a strong support to the work we are doing.”

JBG also has plans to redevelop the north parcel of Falkland Chase, extending the 182 existing units to 1,250 residential units and 70,000 square feet of retail. About 215 of the new apartments, roughly 17 percent, will be kept as affordable or workforce units. The first phase of redevelopment is expected to be complete within five years.

The west and south parcels with 268 apartments each are not slated for redevelopment.

>>Falkland Chase Apartments. Credit: The JPG Companies