Support from the TD Charitable Foundation will help MHP preserve quality affordable housing
Silver Spring, MD, May 08, 2023 – MHP, a non-profit affordable housing developer in Montgomery County, was recently awarded a $175,000 Housing for Everyone grant from the TD Charitable Foundation, the charitable giving arm of TD Bank. MHP is one of 37 nonprofit organizations selected from more than 450 applicants to receive a Housing for Everyone grant as part of the TD Charitable Foundation’s signature grant initiative that has helped support organizations that are focused on providing affordable housing and affordable housing services since 2005.
In recent years the housing affordability crisis has continued to be a financial burden on families. As individuals and families across the country struggle with inflation and an exponential rise in rental costs, affordable housing providers like MHP face increased hardship given the growing demand for affordable rental units and emergency rental assistance.
The grant will support significant and costly redevelopment activities that are vital to the preservation of Montgomery County’s existing affordable housing stock. With an eye towards preserving quality affordable housing for the long term, MHP plans to redevelop our recently acquired Forest Glen property in Silver Spring, MD, transforming an aging 72-unit multifamily rental property into 189 updated units of mixed affordable housing ranging from 30-80% area median income (AMI), with a focus on deeply affordable housing. MHP recently broke ground on the Residences at Forest Glen and plans to complete the project by 2025.
“Many of our residents are struggling to keep up with rent payments, especially amid inflation and rising costs,” said MHP President Robert A. Goldman. “We’re grateful to the TD Charitable Foundation for this generous grant, which will help preserve the Residences at Forest Glen as an affordable property, supporting the financial needs of low- and moderate-income individuals and families in our community.”
“The planned redevelopment of the Forest Glen property is a testament to MHP’s dedication to helping the most vulnerable members of our community have an affordable place to call home,” said Hugh Allen, Regional President of the Mid-South Metro, TD Bank. “We are proud to support this initiative and look forward to the positive impact it will have on the lives of so many in Maryland.”
Through the 17th annual Housing for Everyone grant competition, the TD Charitable Foundation awarded $7 million across the Bank’s Maine-to-Florida footprint and Michigan to help support affordable housing organizations who focus on preserving affordable rental housing in their work to deliver rental assistance, rehabilitate affordable rental housing properties, and build organizational capacity to address resident sustainability for the long-term. Since 2005, the TD Charitable Foundation has given more than $49 million dollars to non-profit and charitable organizations through the Housing for Everyone grant competition and helped support more than 550 affordable housing projects and initiatives.
The Housing for Everyone grant competition supports TD’s longstanding commitment to community enrichment through TD’s corporate citizenship platform, The TD Ready Commitment, which actively promotes inclusivity, economic vitality and environmental wellbeing, enabling people of all backgrounds to succeed in a rapidly changing world.
To learn more about Housing for Everyone and for a full list of this year’s grant recipients, click here.
At MHP, we are dedicated to making home possible. Since 1989, MHP 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. We accomplish our mission by housing people, empowering families, and strengthening neighborhoods. Learn more at mhpartners.org
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $300 million through donations to local nonprofits from Maine to Florida footprint and Michigan. More information on the TD Charitable Foundation is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/.