MHP Closes Deal for The Chimes at North Bethesda

MHP closed its deal for The Chimes at North Bethesda, a163-unit mixed-income affordable housing project. The $7M land sale closed on August 28, marking the start of the construction phase. The total project capitalization is $86M. The deal included 4% and 9% low-income housing tax credits. The project was awarded $1M from the Rental Housing Program and a $2.2M grant from Amazon’s Housing Equity Fund. The units will be reserved for residents earning between 30% and 80% of the area median income. Read the full article here. Read more about the previous reporting on the project here.