Location: Olney, MD
Developer: Elm Street Development and Montgomery Housing Partnership (MHP)
Partners: Montgomery County Department of Housing & Community Affairs

Olney Springs is a mixed-income community in Montgomery County, MD that offers homeownership opportunities for the full income spectrum. The community’s 57 townhomes and 57 single-family homes include 40 percent market-rate homes, 30 percent workforce homes, and 30 percent affordable homes through the county’s Moderately-Priced Dwelling Unit (MPDU) program.

The 32-acre parcel had been underutilized county-owned land for a decade before being sold through an RFP process for the creation of mixed-income housing. The project’s financing also includes a $1,900,000 initial equity investment and an acquisition and development loan.

The MPDU homes are restricted to households with incomes at or below 60 percent of area median income (AMI). A resale restriction applies unless the property has the same owner for more than thirty years. The workforce homes are divided into three income bands, ranging up to 110 percent of AMI. A resale restriction on these homes applies unless the property has the same owner for more than twenty year. The county has the first right to purchase any resales in both of these categories.

The site plan centers on a large stream valley, which is open to the entire community and has been reforested as part of the development. A foot bridge and trail system connect the sections of the development on opposite sides of the stream. Other outdoor amenities include playgrounds, a half basketball court, and picnic area.