(Silver Spring, MD)   MHP’s Nebel Street Apartments project was recently awarded 9% tax credit funds through the Maryland Department of Housing and Community Development’s 2022 9% application round for federal Low Income Housing Tax Credits and state Rental Housing Funds.

Through a competitive application process, Nebel Street Apartments was selected to receive twinned 9% and 4% tax credit awards, the only project in Montgomery County to receive such funding in this application round. This will enable MHP to advance the project with greater financial stability and deeper affordability with10% of units reserved for families making no more than 30% of area median income.

The Nebel Street Apartments will be an asset to the community, providing affordable housing in a fast-growing, convenient area near transit in North Bethesda. The property in its current form is an undeveloped parcel of land. Once complete, it will contain 163 affordable units in addition to amenities such as a community center, classrooms, onsite leasing office, pocket park, and other green spaces available to residents and the community at-large.

In addition to state funding, Nebel Street Apartments received a $2.2 million grant from the Amazon Housing Equity Fund to support deeper affordability.

Governor Larry Hogan announced nearly $32 million in awards for 12 projects as part of this competitive round, including Nebel Street Apartments. Recent state awards will result in the creation or preservation of 1,340 high quality, energy-efficient, affordable rental units throughout Maryland. Read the Governor’s press release qui.

 

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(Silver Spring, MD)   MHP recently received a $2.2 million grant from the Amazon Housing Equity Fund to support the ground-up development of our Nebel Street property in North Bethesda, MD.  This contribution will provide hard-to-find predevelopment costs for the project and will be reinvested into the property to write down rents so that at least 10% of the units can be affordable to families making no more than 30% of area median income.

The Nebel Street Development is a dynamic project that will be an asset to the community, providing affordable housing in a fast-growing, convenient area near transit in North Bethesda. The property in its current form is an undeveloped parcel of land. Once complete, it will contain 163 affordable units in addition to amenities such as a community center.

“We’re excited to partner with Amazon and serve as an integral part of their plan to preserve existing affordable housing and create more inclusive housing developments across the greater DC metro region,” said Robert Goldman, President of MHP. “With Amazon’s generous donation, MHP is one step closer to the completion of our Nebel Street project, which will provide critically needed quality affordable housing in Montgomery County and bring greater stability and access to opportunities for low-income members of our community.”

This is MHP’s second partnership with Amazon. MHP’s Residences at Forest Glen project was selected by the Metropolitan Washington Council of Governments (COG) to receive $75,000 in grant funds from the new Housing Affordability Planning Program. The program is administered by COG and backed by the Amazon Housing Equity Fund to advance initiatives to build affordable housing in transit-oriented communities.

With today’s announcement, the Amazon Housing Equity Fund has committed to create or preserve more than 10,000 affordable homes across the company’s hometown communities so far. Amazon’s commitment focuses on low-to-moderate income individuals and families, representing first responders, teachers, and service industry employees whose wages haven’t kept pace with escalating rents. To learn more about the Amazon Housing Equity Fund, click qui.

 

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