The Village at King Farm is the first community in Montgomery County to offer affordable homeownership opportunities for people who work within Montgomery County. King Farm is an award winning planned community in Rockville in Montgomery County. It is close to employment areas, transportation, shopping and entertainment centers, and is within the Montgomery County school district. Each of the 49 units at The Village at King Farm is located in buildings where the first floors are retail businesses.
The purpose of the Work Force Housing (WFH) program, which became effective in December of 2006, is to promote the construction of housing intended to:
(1) allow households with incomes between 71% and 120% of the Washington DC area median income to have greater housing choices in the County;
(2) increase the availability of housing in the County for public employees and other workers whose income cannot support the high cost of housing near their workplace and who, as a result, are increasingly priced out of housing;
(3) assist County employers in reducing critical labor shortages of skilled and semi-skilled workers by providing housing that will be accessible to their workplace; and
(4) reduce traffic congestion by shortening commute distances for employees who work in the County.
The WFH Program compliments Montgomery County’s nationally recognized Moderately Priced Dwelling Unit (MPDU) program and other County programs designed to promote affordable housing. Incomes of households served by the WFH program exceed those served by the MPDU program.
The WFH Program provides households an opportunity to purchase a home at a below-market sales price in exchange for certain controls on the property, including
The sales prices for the WFH units are determined by the County and are calculated at a level that are intended to be affordable to households at the income levels served by the program. Because the sales prices are calculated at a level affordable to an “average” household, the actual sales price may or may not be affordable to your specific household; however, these sales prices are not negotiable. Owners of WFH units are required to live in the unit as their primary residence.
Households interested in purchasing a WFH unit must first submit an application to The Village at King Farm Sales Office, along with certain supporting documentation. The application is computer-based and can be filled out either online or with the sales representative.
What a great opportunity and place to call home! If you work in Montgomery County and want to own your home, the advantages are numerous. For more information see The Village at King Farm or call (301) 740-8888.
About the Author: Eileen K. is a native Marylander who has lived in Prince Georges, Montgomery and Carroll Counties.
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