With the cost of living continuing to soar in an economy that’s struggling to bounce back, it’s hard to imagine the survival methods of retired citizens who are on fixed incomes. Housing development company Victory Oaks, Inc. is working to bring a solution with their new senior living facility in Silver Spring called Victory Oaks at St. Camillus.
With the first resident having moved in on Sept. 14, according to project manager Sharon Knuth, Victory Oaks is a 49-unit housing facility for low-income citizens, 62 years or older.
Offering a community space of convenience and affordability, the facility offers its residents an arts and crafts room, a library with computers, a fitness center, a multipurpose room and an outdoor patio.
According to the 2010 Census, 8.3 percent of Silver Spring residents are over the age of 65. In order for families to become Victory Oaks residents, there must be at least one person in the household over 62 and the entire household income must be at or below 50 percent of the median community income. Based on Victory Oaks' project summary, the current maximum income for a one-person household is $37,650 and the income for a two-person household is $43,000.
So what happens to seniors on a fixed income who can’t afford to keep up with the rise of rent? Knuth explained that residents will only be obligated to pay a 30 percent of their income for a unit at Victory Oaks.
"[Housing of Urban Development (HUD)] makes up the difference,” adds Knuth, who says that a majority of their residents are from Silver Spring and Langley Park and are excited to be staying close to their families.
The Victory Oaks project is financed by the Archdiocese of Washington, HUD, and the Montgomery County Department of Housing and Community Affairs. HUD has provided nearly $7 million to the construction and development of this facility. This is Victory Oaks' ninth community financed by HUD’s Section 202 program.
Knuth says they are currently in a waitlist situation because all of their units are sold, but anyone still interested can call and put their name on the list.
Victory Oaks at St. Camillus already has 29 units filled and they are expecting the rest of their residents to move in soon.