(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 aqui.