For Immediate Release: Tuesday, December 9, 2025
Montgomery County Executive Marc Elrich on Monday celebrated the grand opening of Bracken Square, a 98-unit affordable housing development at 715 Silgo Ave., in Silver Spring. County Executive Elrich participated in the ribbon cutting alongside other elected officials and community leaders, including State Delegate Lorig Charkoudian (District 20) and Councilmember Kate Stewart, and housing developers TM Associates and Green Street Housing. The County’s Department of Housing and Community Affairs (DHCA) provided $9.5 million in financing to support the construction of Bracken Square.
“The opening of Bracken Square is great news for 98 households in Silver Spring who will call these new, affordable apartments home,” said County Executive Elrich. “Since Fiscal Year 2023, County financing has created or maintained more than 4,500 affordable housing units. Bracken Square shows the impact these County investments can make in our communities, especially when paired with resources from our State partners. Housing developments like this one that are 100% affordable are key to meeting the housing needs of County residents.”
Bracken Square comprises 98 units that are all affordable to households with incomes ranging between 30% to 80% of Area Median Income (AMI). The AMI for a family of four in the County in 2025 is $163,900.
“After 40 years in the business, I am thrilled to finally co-develop, own, and manage our first development in Montgomery County, where TM Associates is based,” said TM Associates Owner/CEO Bob Margolis. “I want to particularly thank my partner, Green Street Housing, our County Executive, Marc Elrich, and the Montgomery County Council for helping to deliver this beautiful development to the community.”
Bracken Square includes several apartment layouts to accommodate multiple household sizes, including:
- 28 one-bedroom units
- 55 two-bedroom units
- 15 three-bedroom units
“Bracken Square is the result of a highly complex real estate and financing effort, and we’re proud to have turned a challenging infill site into much needed affordable housing for Montgomery County,” said Green Street Housing Principal Tom Ayd. “We’re grateful to all our partners who helped make this vision possible and excited for the residents who will soon call Bracken Square home.”
In addition to County financing and private lending, the Bracken Square development received federal Low Income Housing Tax Credits (LIHTC), which are administered by the Maryland State Department of Housing and Community Development (DHCD), as well as lending from DHCD. The project used the “twinning” approach to LIHTC financing that has emerged in recent years to allow both 9% and 4% LIHTC credits to support the development. Traditionally, affordable housing developments used either 9% or 4% credits alone, but the twinning approach enables a developer to maximize use of available resources to bring a project to fruition.
“I am thrilled to be part of the grand opening of Bracken Square apartments today. Now, more than ever, it is important to celebrate our efforts to creatively resolve the big issues facing our community,” said Delegate Charkoudian. “Increasing affordable housing requires partnership and the culmination of County funding, State LIHTC credits, and the work done by stakeholders is what made today possible. This opening represents an opportunity for families to find safety, security, and community, and that truly is something to celebrate.”
The County’s support for Bracken Square was provided by DHCA through $9.5 million in financing from the Housing Initiative Fund. The County also supported the development through Payment in Lieu of Taxes (PILOT) agreements, which provide property tax breaks in exchange for the development of affordable housing.
“I am grateful to TM Associates and Green Street Housing for their collaborative work on the Bracken Square project,” said Councilmember Stewart. “This multi-income apartment building is a great example of what we want to continue to bring to Montgomery County – stable and secure rental housing for families at a variety of income levels.”
The County’s investments in affordable housing have created or preserved more than 4,500 affordable units since Fiscal Year 2023. This includes approximately $108.3 million DHCA invested to support the creation or preservation of more than 1,800 housing units in Fiscal Year 2025. Through the first quarter of Fiscal Year 2026, the County has invested more than $24.2 million to create or preserve 462 affordable units.
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“DHCA is committed to using all the tools we have available to create more affordable housing throughout the County, across various income levels,” said DHCA Director Scott Bruton. “County funding is often the key, last piece of ‘gap financing’ that gets a project over the finish line and makes it possible. We’re glad to collaborate with developers like TM Associates and Green Street Housing, and with the State, to support development like Bracken Square.”
Photos from the event are available on the County’s Flickr page.
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Media Contact: Matthew Cournoyer, [email protected], 240-338-5078
Release ID: 25-449
Media Contact: Matthew Cournoyer 240-338-5078
Categories: Housing
Read the original article at mcgov