ROCKVILLE -- A boarded-up hotel here has been taken off the rolls of the Resolution Trust Corp., the federal entity that liquidates assets of failed savings and loan organizations, and is being converted into 60 low-income apartments.
In January, the Montgomery Housing Partnership, a local nonprofit agency, bought the 30-year-old, 82-room Town Center Inn, which had been vacant nine months, and an adjoining 14-unit apartment house for $1.35 million with public financing and bank loans. The first units are expected to be ready this summer, and the project is set for completion in January.
Renovation of the complex, at the center of this city of 45,000 people 16 miles northwest of Washington, will result in 74 efficiency and one- and two-bedroom apartments, nearly half of them reserved for families with incomes of $15,000 to $26,000.
Controlled rents will start at $400 a month for an efficiency; market rents will range up to $670 for a two-bedroom unit.