Cardinal to Dedicate Low Cost Senior Housing in Takoma Park

June 09, 2005

Victory Tower, a 187-unit apartment community providing much needed housing for low-income senior citizens in Takoma Park completed a substantial renovation in April and will be dedicated by Cardinal Theodore E. McCarrick, Archbishop of Washington:

Monday, June 13, 2005
11:00 a.m.– 12:00 p.m.
Victory Tower
7051 Carroll Avenue, Takoma Park, MD 20912

Cardinal McCarrick will be joined by community leaders and representatives of the project’s partner agencies: Congressman Chris Van Hollen (Maryland, 8th District); Douglas M. Duncan, County Executive, Montgomery County; Thomas E. Perez, President, Montgomery County Council; Kathy Porter, Mayor, City of Takoma Park; J. David Reeves, Director, Washington, D.C. Field Office of the U.S. Department of Housing and Urban Development (HUD); Victor Hoskins, Secretary, Maryland Department of Housing and Community Development; Betty Jones, President, Victory Tower Resident Council; and Jim Brown, president of Victory Housing, which acquired and substantially rehabilitated the building. Victory Housing is the affordable housing agency of the Archdiocese of Washington.

In addition to 187 apartments, the rejuvenated Victory Tower features a dining room served by commercial kitchen, large sun room with adjacent conference area, multi-purpose room, library with computer center, beauty salon, exercise room, wellness center, billiards room, an outdoor patio, gazebo, raised planters, and picnic area. Financing for the $12.6 million development includes: a $5.6 million from the sale of low-income tax credits allocated by the State of Maryland; a $5.2 million loan from United Bank; $1.1 million low-cost loan from Montgomery County; and a $700,000 in seller financing by the Montgomery County Revenue Authority.

Victory Housing operates a total of 15 affordable communities in the Washington region. For more information, visit www.victoryhousing.org

Contact:
John Spencer
Victory Housing
301-493-5507
[email protected]