Work Begins on $86 Million Affordable Housing Development 

Silver Spring, MD (November 22, 2024) – Nonprofit developer MHP today announced it has broken ground on the $86 million The Chimes at North Bethesda property. The Chimes is a ground-up multifamily mixed-income affordable housing development that will consist of 163 apartments, with 90% of units reserved for those making under 60% of Area Median Income (AMI) and 100% of the units reserved for those making under 80% of AMI.  

Located half a mile from the North Bethesda Metro, The Chimes will bring 172,720 square feet of residential space to a bustling area, connecting residents with extensive transportation options, high performing schools, and other area amenities while enhancing outdoor spaces for the public.  

The property’s name reflects a charming musical theme, expressed through interactive artistic components such as dancing chimes intended for public enjoyment. MHP considered sustainability throughout the project’s design, working closely with environmental engineers, watershed management professionals, landscape architects and civil engineers to ensure removal of non-native invasive species, stabilize the existing stream, and restore the natural habitat through plantings. A publicly accessible pocket park, nature overlook, and plaza will incorporate existing tree canopies and blend with the natural environment.   

“We’re thrilled to begin construction on The Chimes at North Bethesda, which will provide new affordable apartment homes for low- and moderate-income residents in an area that is close to transit and accessible to many resources,” said MHP President Robert A. Goldman. “An asset to the community, The Chimes will increase Montgomery County’s supply of critically needed affordable housing while enhancing neighborhood aesthetics and accessibility.”  

The groundbreaking celebration event included speeches by notable local leaders including Montgomery County Executive Marc Elrich, County Council President Andrew Friedson, Council Vice President Kate Stewart, MHP President Robert A. Goldman, project partners, resident speakers, and more.  

Through this development project, MHP will transform a vacant and environmentally constrained parcel of land into critically needed affordable housing, with public enhancements to pedestrian and vehicular circulation, open space, stream restoration, and bicycle infrastructure. The property will contain six stories of efficiency, one-, two-, and three-bedroom units with indoor amenity space above two levels of structured parking. Upon completion, residents will enjoy a community center, rear deck, and onsite leasing office while benefiting from the convenient location near transit options, services, retail, schools, and the Pike & Rose mixed-use development. The Chimes’ unique pocket park, pedestrian plaza, and nature overlook will be open to the public.  

Project partners include Hord Coplan Macht, Donohoe Construction Company, VIKA, and Building Consultants, Inc.  

The Chimes has received significant financial support, including a $2.2 million grant from the Amazon Housing Equity Fund, which contributes to its affordability. Other funding partners are Montgomery County Department of Housing and Community Affairs, State of Maryland Community Development Administration, State of Maryland Revitalization Programs, State of Maryland Housing and Community Development, Capital One, Freddie Mac, Grandbridge Real Estate Capital, Truist, Enterprise and NeighborWorks America.  

Through a competitive application process, MHP secured both 9% and 4% tax credit awards for The Chimes, making it the sole project in Montgomery County to receive such funding in the specific application round. This financial backing allows for 10% of the units to be reserved for families with incomes not exceeding 30% of the area median income. 

ABOUT MHP  

MHP is dedicated to making home possible. Since 1989, the organization has been preserving and expanding access to quality affordable housing. MHP is a private nonprofit that provides more than 2,800 homes in Montgomery County, MD, and surrounding communities. It accomplishes its mission by housing people, empowering families, and strengthening neighborhoods. Learn more at mhpartners.org