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Montgomery County Executive Marc Elrich joined County Council President Natali Fani-González, other state and local officials, and nonprofit affordable housing developer Montgomery Housing Partnership (MHP) for the grand opening of The Chimes, located near the North Bethesda Metro. The Chimes includes 163 affordable rental apartments for households earning between 30% and 80% of Area Median Income (AMI) and is supported by a $19.45 million loan from the County, a Payment in Lieu of Taxes (PILOT) agreement, and financing from the State of Maryland. The Chimes is part of the County’s significant investments in economic development, transportation, and housing that are transforming North Bethesda into a community hub and center for life sciences research.
“The County’s investment in The Chimes has helped create 163 affordable housing opportunities near transit, giving individuals and families better access to jobs, education, and other services,” said County Executive Marc Elrich. “The area around the North Bethesda Metro station is becoming an important life sciences hub and a growing community where people can both live and work. It’s essential that households of all incomes – not just the highest earners – can afford to live near new development. That’s why the County invests in projects like this one and partners with developers like MHP that make affordable housing a priority.”
The grand opening of the Chimes builds on sustained progress toward producing and preserving affordable housing throughout Montgomery County. Between Fiscal Year 2019 and Fiscal Year 2026, Montgomery County’s investments have produced or preserved 10,031 affordable housing units for households earning between 30% and 70% of Area Median Income (AMI).
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“I’m proud to join the grand opening of MHP’s The Chimes, which is now home to 163 high-quality, environmentally sustainable, and affordable housing units,” Council President Natali Fani-González said. “This is yet another exciting development boosting North Bethesda’s reputation as a vibrant, transit-oriented area to live, work, and play. The Chimes project is an example of the progress we can make when private and public sector partners work together toward a shared goal of generating more affordable housing.”
The Chimes is a 163-unit, seven-story development consisting of:
- 17 units at 30% AMI or less
- 15 units at 40% AMI or less
- 40 units at 50% AMI or less
- 74 units at 60% AMI or less
- 17 units at 80% AMI or less
The current AMI for a family of four in Montgomery County is $166,100.
“We’re thrilled to present The Chimes at North Bethesda, which provides 163 new, affordable homes for low- and moderate-income residents in Montgomery County within walking distance of the North Bethesda Metro station,” said MHP President Robert A. Goldman. “The Chimes increases the supply of critically needed affordable housing in an area of great opportunity in the County–near good schools, shops, and other wonderful amenities in the North Bethesda neighborhood. This project would not be possible without the support of many project, funding, and philanthropic partners, and we are extremely grateful for their support.”
The property, which is located approximately half a mile from the North Bethesda Metro, will have a mix of layouts, including:
- 10 studios
- 57 one-bedroom
- 72 two-bedroom
- 24 three-bedroom
The Chimes is supported by $19.45 million in direct County investment through a loan from the County’s Housing Initiative Fund, which the Montgomery County Department of Housing and Community Affairs administers. In addition to County financing and private lending, the Chimes development received federal 4% and 9% Low Income Housing Tax Credits (LIHTC), administered by the Maryland State Department of Housing and Community Development (DHCD), and other financing from the State Community Development Administration (CDA). The project also was supported by a $2.2 million grant from the Amazon Housing Equity Fund.
The State financing and the County’s direct investment in The Chimes are supplemented by a By-Right Payment in Lieu of Taxes (PILOT) agreement, which provides a County tax abatement in return for the property owner’s commitment to provide affordable housing. The estimated annual PILOT value, based on Fiscal Year 2027 tax values, is $334,153.
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The Chimes groundbreaking follows a series of announcements related to the development of the area around the North Bethesda Metro station, including efforts supported by the County and State to transform the Metro station into a multimodal transportation hub and to develop a 13.9-acre mixed-use site adjacent to the rail station. This development, anchored by the University of Maryland’s Institute for Health Computing, will serve as a life sciences and community hub, generating innovative research and spurring economic development for the County and the region.
Other recent groundbreakings and ribbon-cuttings for DHCA-financed projects include:
- The groundbreaking for the 268-affordable-unit NoBE II project, also in North Bethesda, developed by SCG Development Partners, LLC, in March 2026,
- The ribbon cutting for the 98-affordable-unit Bracken Square apartments in downtown Silver Spring, developed by TM Associates and Green Street Housing, in December 2025,
- The groundbreaking for the 90-affordable-unit 1910 University Senior Apartments in Wheaton, developed by Mission First Housing, in November 2025,
- The ribbon cutting for the 189-affordable-unit Residences at Forest Glen, developed by MHP, in July 2025, and
- The ribbon cutting for Allium Place in Silver Spring, a 195-affordable-unit property with both rental and for-sale housing opportunities, developed by Affordable Homes & Communities (AHC) and Habitat for Humanity Metro Maryland, in June 2025.
A list of affordable housing developments recently financed by DHCA in Fiscal Year 2026 and projects under consideration for Fiscal Year 2027 financing is available in the DHCA’s Affordable Housing Pipeline report published this week.
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Read the original article at mcgov
