The Housing Opportunities Commission (HOC) received an Award of Merit from the National Association of Housing and Redevelopment Officials (NAHRO) at the association’s national conference held in New Orleans, October 6-8, 2023. HOC received this prestigious award in the Affordable Housing Category for its innovative Housing Production Fund (HPF). In addition, as an Award of Merit recipient, HOC was nominated by a regional NAHRO jury of judges for consideration by a national jury to receive NAHRO’s National Award of Excellence. Winners of this Award of Excellence will be announced at NAHRO’s national conference in Washington, DC, in the spring of 2024.

The NAHRO Award of Merit recognizes outstanding accomplishments in the field of housing and redevelopment, highlighting agencies and organizations that have made significant contributions to improving the lives of individuals and communities through innovative initiatives and successful projects.

This NAHRO award is not the only recognition HOC has been receiving. Several news media outlets throughout the country, most notably the New York Times, have been reporting that various municipalities, other public housing authorities and redevelopment corporations have been working on replicating the HPF in their communities, thanks to HOC’s success.

How is the HPF so innovative? The HPF provides revolving, low-cost, construction-period financing for the development of affordable, multi-family housing. To establish the HPF, HOC issued $100M in bonds, and Montgomery County Government committed to pay the principal and interest over 20 years. Loans from the HPF are used for construction-period gap financing. After five years, with construction completed and the building stabilized, the development would secure permanent financing to pay back the principal balance of the HPF Loan. As the HPF is replenished every five years, more affordable housing construction projects can be developed.