Montgomery County officials held a groundbreaking for the NoBE II development near the North Bethesda Metro, a 268-unit affordable housing project supported by County and State funding.
The project, part of the larger North Bethesda Market II development, will consist entirely of income-restricted rental units for households earning up to 70 percent of the area median income and is the largest fully affordable new-construction project backed by the County to date.
The development will include a mix of studio to four-bedroom apartments and is designed as a transit-oriented project located near Rockville Pike and the Metro station. County officials said the project is part of broader efforts to expand affordable housing and support growth in the North Bethesda area, with long-term affordability requirements and financing that includes local, state, and federal resources.
The project has an estimated total cost of $130 million and includes significant public investment, including a $38 million loan from the County’s Housing Initiative Fund. Additional funding sources include federal Low Income Housing Tax Credits, tax-exempt bonds, and state housing programs. Officials said the development is intended to support long-term housing affordability while contributing to ongoing economic development and transit-oriented growth in the surrounding area.
