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Montgomery County announced today that it is partnering with Habitat for Humanity to purchase foreclosed homes and renovate them for low-income residents seeking affordable housing.

The initiative was announced during an affordable housing benefit breakfast, held at the Marriott Hotel in Bethesda. It served as a fundraiser for the $3.5 million project, according to Rick Nelson, the director of the county's Department of Housing and Community Affairs.

The county will acquire about 10 foreclosed homes in the Glenmont area of Silver Spring, one of the areas in the county hardest hit by foreclosures, Nelson said.

Homes will be purchased at their full appraisal price, which Nelson said averages about $350,000, renovated with environmentally-friendly techniques and appliances and then given to a qualified Habitat homeowner.

John Paukstis, the executive director for Habitat for Humanity Montgomery County, said the county's help will allow the organization to purchase more expensive homes than Habitat could afford on its own.

"We just don't have the cash," Paukstis said. Renovating in already existing neighborhoods will also raise home values in the neighborhood, values which have likely suffered from foreclosures, he said.

Paukstis stressed Habitat doesn't simply hand someone a free home. Instead, the nonprofit helps owners finance loans, zero interest long-term mortgages and property taxes — all for about $780 a month, he said.

Although the county is strapped for money, Nelson said this project is important because of a dire need for housing in Montgomery County. The high value of homes makes affording one nearly impossible for the "average person who is hard working," he said.