Montgomery County Leaders Break Ground on The Chimes at North Bethesda: A New Development Featuring Over 160 Affordable Housing Units

For Immediate Release: Thursday, November 21, 2024

Montgomery County Executive Marc Elrich, County Council President Andrew Friedson, County Council Vice President Kate Stewart, community leaders, Montgomery Housing Partnership (MHP) and other partners gathered to break ground on The Chimes at North Bethesda, a transformative affordable housing development at 11901 Nebel Street, in North Bethesda, MD.

Scheduled for completion in mid-2026, The Chimes at North Bethesda will deliver 163 high-quality, environmentally sustainable rental units designed to address the growing demand for affordable housing. These units will be available to households at or below 80 percent of the Area Median Income (AMI) or an income range of $46,410 to $123,760 for a household size of four persons. The units will include 10 studios, 57 one-bedroom, 72 two-bedroom and 24 three-bedroom apartments.

As housing costs rise, many low- and middle-income families struggle to find stable housing in Montgomery County. The Chimes at North Bethesda will provide much-needed relief while contributing to the County's broader efforts to expand housing affordability and sustainability.

"Our approach to affordable housing focuses on protecting, preserving and producing more affordable units," said County Executive Elrich. "The Chimes at North Bethesda exemplifies what we can accomplish in the production category, delivering over 160 affordable homes at 60 percent AMI in one development. Projects like this are critical to ensuring working families and others struggling with rising costs have a stable and affordable place to call home."

Within these units are the deeply affordable units at or below 50 percent of AMI, including 17 at 30 percent of AMI, 15 at 40 percent and 40 at 50 percent. These deeply affordable units represent 44 percent of the total unit count.

The total cost of The Chimes at North Bethesda is approximately $86 million, supported by a unique partnership among public, private, and nonprofit entities. Through the Department of Housing and Community Affairs (DHCA), the County contributed nearly $19.5 million in funding to close a critical financing gap. Innovative 4 percent and 9 percent tax credits under a "twinning" structure also supported the project, maximizing financing opportunities.

Key contributors include:

• Montgomery Housing Partnership (MHP), nonprofit sponsor and developer
• Montgomery County Department of Housing and Community Affairs
• Maryland Department of Housing and Community Development
• Amazon Housing Equity Fund
• Capital One
• Enterprise Communities
• Freddie Mac
• Grandbridge Real Estate Capital
• NeighborWorks America
• Truist Bank

"We must act urgently and intentionally to address the housing crisis in our County and in the region and we can't do it alone," said Council President Friedson. "The public and private sectors, along with nonprofit providers must work together creatively and collaboratively to increase our supply of affordable housing stock, and the Montgomery Housing Partnership is doing just that. The Chimes, which broke ground today, is a shining example of a successful public-private partnership fueled by a shared commitment to ensuring everyone in Montgomery County has a welcoming, safe, dignified place to call home."

The development will feature resident-focused amenities, including a community center, an on-site leasing office, and classrooms. Outdoor amenities, such as a pocket park, plaza and nature overlook also will be open to the public, providing shared spaces for the entire neighborhood to enjoy.

"This project exemplifies an all-hands-on-deck approach to our housing crisis. With MHP's vision and partnership from the state, county and private partners, we're building deeply affordable housing near transit, near a grocery store and a new pocket park," said Council Vice President Stewart. "The inclusion of three-bedroom apartments addresses a critical need in our County, and the whole project provides stability and access to jobs and opportunity in the heart of North Bethesda."

Located in an area rich with transit options, services and retail opportunities, The Chimes at North Bethesda is ideally situated near Pike & Rose, a vibrant mixed-use development offering connections to jobs and essential resources. In addition to providing housing, The Chimes at North Bethesda will generate construction jobs and contribute to the local economy through increased tax revenue by activating a previously vacant parcel.

"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 deeply affordable housing while enhancing neighborhood aesthetics and accessibility. We're grateful for the County's continued partnership in helping us make projects like this a reality."

Visit the MHP website for more information about The Chimes at North Bethesda.

# # #

Release ID: 24-526
Media Contact: Mark Roper 240-962-1743
Categories: Housing

Public link

Please use the above public link if you want to share this noodl on another website.