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The Darcy

Montgomery County is pleased to announce that the Workforce Housing Units in The Darcy have been sold.

Description Arrow, up icon

Montgomery County announces the availability of 11 Workforce Housing condominium units for sale at The Darcy, a highrise community in downtown Bethesda. The 2 bedroom 2 bath condominium units are priced at $343,675 to be affordable to households whose average annual household income is at 100% of the Washington Primary Metropolitan Statistical Area median income.  A completed application with supporting documentation must be submitted to the Department of Housing and Community Affairs, 100 Maryland Avenue, 4th Floor, Rockville, MD 20850, Attn: Workforce Housing Program.  

The following chart describes the 11 WFH condominiums available at The Darcy, number of bedrooms and bathrooms, approximate square footage, approximate monthly condo fees, and sales prices. Click on Unit No. to see floor plan. 

                                                                                                                                                                                                         

Unit Number, Number of Bedrooms/Baths, Approximate Square Footage, Approximate Condo Fee, and Sales Price
Unit Number Number of Bedroom/Baths Approximate Square Footage Approximate Condo Fee Sales Price
Unit 207 2BR/2 full baths 855 sq ft $756 $343,675
Unit 306 2BR/2 full baths 890 sq ft $781 $343,675
Unit 308 2BR/2 full baths 820 sq ft $726 $343,675
Unit 408 2BR/2 full baths 820 sq ft $726 $343,675
Unit 509 2BR/2 full baths 820 sq ft $726 $343,675
Unit 608 2BR/2 full baths 820 sq ft $726 $343,675
Unit 708 2BR/2 full baths 820 sq ft $726 $343,675
Unit 808 2BR/2 full baths 820 sq ft $726 $343,675
Unit 809 2BR/2 full baths 845 sq ft $747 $343,675
PH06 2BR/2 full baths 820 sq ft $726 $343,675
PH07 2BR/2 full baths 845 sq ft $747 $343,675

 

Eligibility Arrow, up icon

Income Limits

Your household income must not exceed the maximum income of $131,000.

Households must obtain a mortgage pre-qualification letter from a lender in the approved format. Pre-qualification letters from that are not in the approved format will not be accepted for purposes of the application. Once you are approved to participate in the program, you are not required to use the same lender to obtain your mortgage.

Mortgage Pre-Qualification

The pre-qualification letter is used to demonstrate that the household qualifies for a mortgage amount equal to or greater than the sales price of the WFH home and has adequate funds available to pay the down payment.  It also provides information on the household’s assets.

Households who are unable to obtain a mortgage pre-qualification letter in the amount required will not be eligible to participate in the WFH program. In today’s real estate market, lenders may require between a 3% and a 10% down payment, which will vary based on credit scores and other factors.  The down payment can be paid using your own funds or by utilizing assistance provided by the Housing Opportunities Commission and other local government financing assistance programs. Assuming you have sufficient cash assets for a 5% down payment in the amount of $17,000, the estimated minimum pre-qualified mortgage amount for a WFH home at The Darcy is approximately $326,500.

Asset Limit

Your household assets must not exceed 25% of the amount for which your household is pre-qualified by the lender. For example, if your household is pre-qualified for a mortgage of $326,500, then your combined household assets may not exceed $81,625.

Assets are defined as the amount of money in, or value of, checking accounts, savings accounts, certificates of deposit and/or money market accounts, stocks and/or mutual funds, bonds, real property (less outstanding debt), and trust funds. Assets not included in this definition include any down payment made, the amount in tax deferred retirement savings plans, amount in tax deferred college savings plans, cash value of whole life insurance, automobiles (up to one per adult), and cash value of household furnishings and jewelry.

Other Requirements

Households applying to The Darcy WFH program MUST be able to:

Workforce Housing Restrictions Arrow, up icon

Homes that are purchased through the WFH program have certain controls designed to keep the home affordable.  New and resale homes have a 20-year Control Period, except as otherwise described in the Reselling a WFH Home section below.  These controls are enforced by restrictive covenants placed on the property that state:

During the Control Period, the owners must occupy the home as their primary residence.  The home may not be rented out.  If you can no longer live there due to employment or other reasons, you must sell the home to another WFH household.

During the Control Period, the owner must not refinance the home for more than the controlled resale price established by DHCA (owners are prohibited from refinancing the property based on the market value of the property).  The refinancing must not result in reducing the owner’s equity below $10,000.

During the Control Period, the owner can sell the WFH home for no more than the DHCA-established controlled resale price through the WFH program to an approved WFH program participant.

If a WFH home is sold during the Control Period, a new 20-year Control Period will start from the date of the resale.  Once the WFH homes have been sold by the developer, the agency responsible for enforcing and administering the program’s long-term rules and regulations is DHCA.  

When the property is sold after the 20-year Control Period, the owner must pay half of the excess proceeds to the County’s Housing Initiative Fund.  After the Control Period expires, owners are strongly encouraged to contact DHCA prior to refinancing their WFH home.  Refinancing does not relieve the owner from the requirement to pay half of the excess proceeds to the County’s Housing Initiative Fund upon sale; therefore, it is important NOT to refinance for the full market value.  See section below Reselling WFH Unit After the 20 Control Period. 

How to Apply Arrow, up icon  

  1. Step 1 - Print out The Darcy Workforce Housing Application and complete.   You can also request an application be mailed to you by calling 240-777-3790 or pick up an application at DHCA.
  2. Step 2 - Print out The Darcy Mortgage Pre-Qualification Letter format and bring to your lender.  
    • The pre-qualified mortgage amount plus funds the household has available for a down payment must be equal to or greater than $343,675.  Assuming you have sufficient cash assets for a 5% down payment, the estimated minimum pre-qualified mortgage amount for a WFH home at The Darcy is approximately $326,500.
  3. Step 4 - Submit your WFH Application and Required Documents.  INCOMPLETE APPLICATIONS OR APPLICATIONS MISSING REQUIRED DOCUMENTATION WILL BE RETURNED. 
    • The completed WFH application. Do not leave any sections of the application blank.
    • Your mortgage pre-qualification letter.
    • A copy of the most recent tax return along with W-2 forms for every person in the household that is 18 years or older. 
    • An IRS Verification of Non-Filing for a parent or other adult relative that appears on your taxes as a dependent, or an adult child who is not currently enrolled in school. Information on obtaining an IRS Verification of Non-Filing letter can be found at www.irs.gov/Individuals/Get-Transcript
    • A copy of school transcript for any adult who is currently enrolled in school.
    • Copies of the two most recent pay stubs for each household wage earner (4 paystubs if paid weekly).  If you are seeking a priority point for working in Rockville or Montgomery County, you must submit proof of the location of your workplace
    • If your taxes do not show your current address and you are seeking priority points for living in Rockville or Montgomery County, proof of residency (lease, utility bill, etc.).
    • If your taxes do not show the same household residents as your application, copies of divorce or separation agreement, birth certificates, death certificates, etc. (if applicable).
    • Other certified forms or documentation DHCA deems necessary.

The WFH program does not currently require households to attend a first-time homebuyer class.  However, it is highly recommended that first-time homebuyers attend a County-sponsored first-time homebuyer’s class.  This one-time, free class is intended to help you better understand the opportunities and responsibilities associated with home ownership. A list of classes and sign-up information can be found at http://www.hcii.org/HomebuyersEducationSchedule.html.

Random Selection Drawing Process Arrow, up icon

For each phase or group of homes offered for sale (an “Offering”), DHCA will hold a Random Selection Drawing (“RSD”) which includes all eligible households.  The households on the list are sorted by number of priority points (high to low).  The households within each priority point category are then sorted randomly. This list establishes the priority order in which households have an opportunity to purchase a WFH condominium at The Darcy.

The households with the highest priority points and highest random numbers will have the first opportunity to purchase a home at The Darcy.

This process is NOT a “lottery”.  Participants do not win a home; rather, they win the opportunity to purchase a condominium based on a number of factors.  If there are units available for sale after the initial RSD, there may additional RSDs until all units are sold. .  

Following the RSD, an RSD Results Report will be published on DHCA’s WFH website using Certificate of Eligibility numbers. DHCA will provide the Sales Representative from The Darcy with the list and the corresponding contact information. The Sales Representative will then contact households in the order that they appear on the report to give them an opportunity to purchase a home by entering into a sales contract.  Time will be of the essence as the Sales Representative will work down the list until all the homes in an Offering are sold. You will have 48 hours from your meeting with the Sales Representative to decide whether you will sign a contract.  

Priority Points Arrow, up icon

Priority to purchase a WFH home is given to participants who have the largest number of “Priority Points”.  Eligible households meeting the income requirements receive up to a maximum of five (5) priority points based on:

County or Local Government Employee (maximum of 1 point for this category) – At least one member of the household is employed by a local government agency, such as:

Employer-Sponsored Housing (maximum of 1 point for this category) - At least one household member participates in an employer housing assistance program as defined by DHCA.

Place of Primary Residence (maximum of 1 point for this category) - At least one household resident currently lives in Montgomery County.

Place of Primary Employment (maximum of 1 point for this category) - At least one household resident is currently employed by a business, establishment, or public agency located in Montgomery County.

Current MPDU Owner or Renter (maximum of 1 point for this category) - At least one member of the household currently rents or owns a Moderately Priced Dwelling Unit (MPDU) located in Montgomery County. If the household owns an MPDU, the MPDU must be sold before or at the same time as the settlement on the WFH unit.

Each household is assigned a number of points based on how many of the priority criteria they meet.  The County assigns the household’s priority points at the time the household’s application is approved, and the points are entered into a database maintained by DHCA.  The maximum number of Priority Points that a household can achieve is five (5).

Reselling a WFH at The Darcy During The 20 Year Control Period Arrow, up icon

During the 20-year Control Period, the WFH homeowner must first contact DHCA to obtain the controlled resale price of the WFH home and to see if the County wishes to purchase the home.  If the County does not choose to purchase the WFH home, the home must be sold to a household whose income does not exceed the maximum income for the WFH program (120% of the area medium income).  If the controlled resale price exceeds a price that is affordable to a qualified household, DHCA may provide a subsidy for the resale WFH home.  If DHCA elects not to provide a subsidy during the 60-day offering period, the owner of the WFH home may be permitted to sell the WFH home at market price, and the Covenants will be released, but the homeowner may only keep $10,000 of the excess proceeds from the sale.

Example of how the resale price of a WFH home will be calculated during the 20 year control period.

Reselling a WFH at The Darcy After The 20 Year Control Period Arrow, up icon

After the 20-year Control Period expires, the WFH owner may sell the home at a market price, but must pay half of the excess proceeds to the County’s Housing Initiative Fund.  The excess proceeds are the difference between the market sales price and the original WFH base sales price, plus a yearly percentage increase that is equal to the 10-year average percent change in the consumer price index, plus an allowance for a real estate commission (if a licensed real estate agent is used) not to exceed 6%, plus an allowance for transfer taxes and recordation charges.

Example of how the shared profit calculated is made after the 20 year control period. 

The Darcy Workforce Housing Information Packet Arrow, up icon

Information packet