The Prince George’s County Department of Housing and Community Development (DHCD) today announced the successful preservation of Selborne House of Laurel, a 126-unit senior housing community located at 501 Main Street. This milestone ensures that all units will remain affordable for an additional 30 years, allowing seniors to continue living in a walkable, stable and accessible community.
Originally developed in 1998, Selborne House was approaching the expiration of its affordability restrictions in 2028. Utilizing the Right of First Refusal Loan Program, DHCD partnered with Urban Atlantic to secure the long-term affordability of the property. Urban Atlantic will maintain all 126 units as affordable for seniors and the property with undergo comprehensive renovations later this year under its new ownership.
“Closing on this Right of First Refusal Loan with Urban Atlantic marks a critical step in our commitment to preserving affordable housing for Prince George’s County residents,” said Jonathan R. Butler, Director of DHCD. “At a time when rising costs are placing increased pressure on our most vulnerable populations—especially seniors—protecting existing affordable homes is just as important as building new ones. This action ensures that more of our neighbors can continue to live in safe, stable, and accessible communities without fear of displacement.”
This preservation effort would not have been possible without the critical financial support provided by DHCD. Urban Atlantic will begin renovations later this year when it closes on a new tax credit syndication using Low-Income Housing Tax Credit (LIHTC) equity. The transaction reflects the County’s proactive approach to safeguarding affordable housing before it is lost to market conversion.
The Maryland Department of Housing and Community Development (MD-DHCD) also supported the effort and reaffirmed its commitment to the project’s long-term success. “Maryland needs more housing that supports aging residents and evolving household needs,” said Gregory Hare, Assistant Secretary of MD-DHCD’s Community Development Administration. “We are encouraged by this acquisition and remain committed to its renovation and preservation as part of a diverse and inclusive housing stock.”
The purchaser, Urban Atlantic Development, was able to successfully acquire the property through a competitive process by utilizing DHCD’s Right of First Refusal Loan program, which provides crucial gap financing to prioritize long-term affordability outcomes for the community.
“Selborne House is exactly the type of community we are committed to preserving,” said Brant Snyder, CEO of Urban Atlantic. “With support from Prince George’s County and the state of Maryland, we look forward to substantially renovating the property through the LIHTC program, thereby preserving its affordability for years to come.”
Located in downtown Laurel, Selborne House provides residents with convenient access to public transportation, healthcare services, and neighborhood amenities, making it a vital component of the County’s housing landscape.
This transaction underscores Prince George’s County’s continued leadership in preserving affordable housing and ensuring that residents—particularly seniors—can remain in their communities for years to come.
