MHP has broken ground on the Residences at Forest Glen apartment community, creating and preserving 189 units of critically needed affordable housing in Montgomery County. This is MHP’s largest project to date, and one of the largest in the County, with a total investment of more than $100 million.
The groundbreaking ceremony featured notable speakers including Montgomery County Executive Marc Elrich, County Council President Evan Glass, County Council Vice President Andrew Friedson, and Councilmember Natali Fani-González. Welcome remarks were provided by MHP President Robert A. Goldman.
Originally built in the 1950s, Forest Glen spans 2.6 acres in Silver Spring, located near the I-495 Capital Beltway, the Forest Glen Metro station, and many bus routes, providing connections throughout Montgomery County and Washington, D.C. Forest Glen’s new design will be a vibrant, transit-friendly community with amenities such as a community room, fitness center, multiple courtyards, underground parking, and landscaped green space.
Forest Glen furthers MHP’s mission to preserve and expand affordable housing near public transit lines, preventing displacement of low-income residents and connecting them with local job opportunities and amenities. The community space there will enable MHP to run educational and supportive programs for young residents and their families.
“We are excited to see The Residences at Forest Glen come to fruition, a project that will enhance the community and almost triple its previous number of affordable homes,” said Goldman. “Not only will people earning less than 60% of area median income have a place to live, but they will now live in a comfortable, attractive, efficient, and modern building that serves as an asset for the neighborhood.”
After purchasing Forest Glen in 2016, MHP determined that it was obsolete and too cost-prohibitive to renovate. The organization received approval to “zone up,” almost tripling the number of units compared to the original site. This aligns with affordable housing goals laid out in the Forest Glen / Montgomery Hills Sector Plan and wider goals announced by Montgomery County.
MHP will restrict 100% of units for residents earning at or below 60% of area median income (AMI), with 13% of units restricted to those earning at or below 30% AMI, 7% of units restricted at or below 40% AMI, 4% of units restricted at or below 50% AMI, and 76% of units restricted at or below 60% AMI.
This is MHP’s eighth property acquisition in Silver Spring, and it will contribute to their portfolio of almost 3000 affordable homes in Montgomery County and beyond.
This acquisition was made possible through the investment of many funding partners including State of Maryland DHCD, Montgomery County DHCA, JPMorgan/Chase, BWE, Enterprise, and Metropolitan Washington Council of Governments.