Montgomery County Executive Marc Elrich Celebrates Opening of 189 Affordable Rental Homes at the Residences at Forest Glen – MocoFeed

Montgomery County Executive Marc Elrich and County council members Natali Fani-González and Andrew Friedson joined nonprofit community organization Montgomery Housing Partnership (MHP), Maryland Department of Housing and Community Development Secretary Jake Day and other partners on Tuesday to celebrate the opening of the Residences at Forest Glen, a new, 100% affordable rental housing development with nearly 200 affordable units. The development replaces an aging property while preserving and expanding the number of affordable homes on the site. The apartments are located near public transit, a short 10-minute walk from the Forest Glen Metro station.

Located at 2106 Belvedere Blvd. in Forest Glen, the collaboration with MHP replaced 72 outdated affordable units with 189 modern affordable units of various sizes. The County supported the project through a total investment of $30.8 million, including a loan that enabled MHP to acquire the property and additional funding that ensured the development would offer rental homes affordable across various income levels.

“In 2000, Montgomery County had more than 45,000 naturally occurring affordable housing units, by 2030, we may have less than 10,000 left,” said County Executive Marc Elrich. “That loss is one of the biggest threats to housing stability in our County. At the Residences at Forest Glen, we, along with the State of Maryland, stepped in to help preserve affordability before the property was lost to the market. We supported MHP’s work so families could stay in the community, close to transit, schools and opportunity. As a former teacher, I saw what happens to kids when housing isn’t stable. It’s disruptive, it affects learning and it’s hard on families. Projects like this help prevent that kind of displacement, and they’re an essential part of our affordable housing strategy.”

The development of the Residences at Forest Glen was supported in part by the federal Low Income Housing Tax Credit (LIHTC) program, which is administered by the State DHCD. The project used an innovative approach that included both “nine percent” and “four percent” LIHTC tax credits to increase the impact of this public investment in affordable housing.

“The State of Maryland is proud to be a partner in the creation of The Residences at Forest Glen, which will bring modern, energy-efficient, and, most importantly, affordable homes to the heart of Silver Spring,” said Maryland Department of Housing and Community Development Secretary Jake Day. “This community exemplifies our goal to build housing where it’s needed and where it makes sense – near transit, jobs and services – through intentional and impactful investment that addresses our state’s housing shortage and spurs Maryland’s economic growth.”

This week’s ribbon-cutting ceremony celebrates the redevelopment of the Forest Glen site to preserve and expand the number of affordable rental units.

“This amazing project shows the power of the private, non-profit and government sectors when they team up to address our housing affordability crisis,” said Councilmember Natali Fani-González. “I look forward to welcoming scores of new families to Forest Glen in this new, amenity-rich, transit-proximate community that will uplift our working families.”

The County’s Department of Housing and Community Affairs (DHCA) supported the acquisition of this development site through a nearly $2.4 million loan funded by the County’s Housing Initiative Fund (HIF). HIF provides flexible financing to for-profit and nonprofit affordable housing developers to acquire, construct and rehabilitate multifamily developments. The County supported the property’s development with a total of $30.8 million in HIF funds and a Payment in Lieu of Taxes (PILOT) agreement.

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“The Residences at Forest Glen is a shining example of a public-private-nonprofit partnership and a county-state collaboration,” said Councilmember Andrew Friedson, Chair of the Council’s Planning, Housing and Parks Committee. “Thank you to Montgomery Housing Partnership for bringing 189 beautiful new homes online to serve county residents and for their ongoing commitment to affordable housing. Located right next to the metro, this exciting project helps realize our shared vision for transit-oriented development.”

All apartments in the Residences at Forest Glen are reserved for those earning 60 percent of area median income (AMI) or less specifically:

• 24 units affordable at 30% AMI or below

• 14 units affordable at 40% AMI or below

• 8 units affordable at 50% AMI or below

• 143 units affordable at 60% AMI or below

“We are thrilled at the transformative redevelopment of The Residences at Forest Glen,” said MHP President Robert A. Goldman. “Thanks to the vision of our team and the support of many partners, we were able to take a dilapidated property and turn it into a beautiful new building with 189 quality affordable homes within walking distance of the metro.”

The development offers convenient access to public transit, including the Forest Glen Metro station and multiple bus routes, as well as the I-495 Capital Beltway. The development’s amenities also include an onsite community space and large playground for children, as well as a fitness center, underground parking and bicycle storage.

The apartments include a range of configurations to accommodate the needs of both families and individuals, including 78 one-bedroom units, 82 two-bedroom units and 29 three-bedroom units.