The Residences at Forest Glen, a totally affordable housing development that replaces an outdated building with 189 contemporary rental units close to the Forest Glen Metro station, opened Tuesday with a ribbon-cutting ceremony conducted by Montgomery County Executive Marc Elrich. Alongside state housing authorities, nonprofit developer Montgomery Housing Partnership, and Councilmembers Natali Fani-Gonz lez and Andrew Friedson, Elrich highlighted the County’s $30.8 million commitment as part of a larger plan to maintain affordability and avoid displacement.
According to the press release, the opening of the Residences at Forest Glen, a new, 100% affordable rental housing development with nearly 200 affordable units, was celebrated Tuesday by Montgomery County Executive Marc Elrich, County Council Members Natali Fani-Gonz lez and Andrew Friedson, Maryland Department of Housing and Community Development Secretary Jake Day, and other partners. In addition to maintaining and increasing the amount of affordable houses on the property, the construction replaces an outdated property. The flats are close to public transportation; the Forest Glen Metro station is only a ten-minute walk away.
The partnership with MHP rebuilt 72 antiquated affordable homes with 189 contemporary affordable units of varying sizes at 2106 Belvedere Blvd. in Forest Glen. A total of $30.8 million was invested by the County in the project, which included a loan that allowed MHP to purchase the land and other funds that guaranteed the development would provide rental properties that were accessible for people of all income levels.
According to County Executive Marc Elrich, Montgomery County may have fewer than 10,000 naturally occurring affordable housing units remaining by 2030, down from over 45,000 in 2000. One of the main risks to our County’s housing stability is that loss. Together with the State of Maryland, we intervened at the Residences at Forest Glen to help maintain affordability before the property was taken off the market. We backed MHP’s efforts to keep families in the neighborhood, near schools, transit, and opportunities. As a former educator, I witnessed the effects of unstable housing on children. It is difficult for families, disruptive, and has an impact on schooling. Such projects are a crucial component of our affordable housing plan and help prevent that type of relocation.
The State DHCD administers the federal Low Income Housing Tax Credit (LIHTC) program, which provided some funding for the construction of the Residences at Forest Glen. To boost the impact of this public investment in affordable housing, the project employed a creative strategy that included both 4% and 9% LIHTC tax credits.
According to Jake Day, secretary of the Maryland Department of Housing and Community Development, the State of Maryland is pleased to be a partner in the development of The Residences at Forest Glen, which will provide contemporary, energy-efficient, and—above all—affordable homes to the center of Silver Spring. This neighborhood is a prime example of our mission to provide housing where it is needed and where it makes sense—close to jobs, transit, and services—through significant and purposeful investment that solves the housing need in our state and promotes economic growth in Maryland.
The rehabilitation of the Forest Glen site to maintain and increase the amount of affordable rental apartments is being celebrated with a ribbon-cutting event this week.
Councilmember Natali Fani-Gonz Lez remarked, “This incredible project demonstrates the strength of the private, non-profit, and government sectors when they collaborate to address our housing affordability crisis.” I’m excited to welcome a large number of new families to Forest Glen, a brand-new community with plenty of amenities close to the transportation system that will improve the lives of our working families.
Through a loan of about $2.4 million provided by the County’s Housing Initiative Fund (HIF), the County’s Department of Housing and Community Affairs (DHCA) assisted in the purchase of this development property. For-profit and nonprofit affordable housing developers can purchase, build, and renovate multifamily complexes with flexible financing from HIF. The County provided $30.8 million in HIF funding and a Payment in Lieu of Taxes (PILOT) agreement to promote the development of the land.
According to Council Member Andrew Friedson, who chairs the council’s planning, housing, and parks committee, The Residences at Forest Glen is a prime example of a county-state cooperation as well as a public-private-nonprofit combination. We appreciate Montgomery Housing Partnership’s continued dedication to affordable housing and the 189 stunning new houses they have put online for county residents. This innovative project, which is adjacent to the metro, contributes to the realization of our common goal of transit-oriented development.
The Residences at Forest Glen exclusively offers flats to people making 60% of the area median income (AMI) or less.
24 units that are reasonably priced at 30% AMI or less14 units that are reasonably priced at 40% AMI or lessEight units that are affordable at 50% AMI or lessAt 60% AMI or lower, 143 apartments are reasonably priced.MHP President Robert A. Goldman expressed his excitement over the groundbreaking renovation of The Residences at Forest Glen. With the help of numerous partners and our team’s vision, we were able to transform a run-down site into a stunning new building that houses 189 reasonably priced, high-quality residences that are conveniently close to the metro.
The property provides easy access to the I-495 Capital Beltway and public transportation, including the Forest Glen Metro station and several bus routes. In addition, there is a fitness facility, underground parking, bicycle storage, a common area, and a sizable playground for kids at the complex.
There are 78 one-bedroom apartments, 82 two-bedroom apartments, and 29 three-bedroom apartments in a variety of configurations to suit the needs of both people and families.
For additional information, including eligibility requirements and application instructions, visit https://www.residencesatforestglen.com/ to check availability. Visit https://www.montgomerycountymd.gov/dhca for more details on the County’s recent and ongoing contributions in the building of affordable housing.
