National Housing Trust Leads the Closing of the Nebel Street Project

National Housing Trust (NHT) is excited to share that, working in partnership with a dedicated group of Community Development Financial Institutions (CDFIs), we have led the closing of the Nebel Street project to support affordable housing in Montgomery County, MD. This project, developed by TM Associates Development, Inc. (TMAD), will bring 152 new affordable housing units to the city of Rockville.

Needing additional sources of funding, TMAD approached NHT, who put together a consortium of CDFIs consisting of Cinnaire Lending, Reinvestment Fund, and City First Enterprises, Working under a tight deadline, this consortium was able to deliver a $15M financing package to support the project. Along with the 152 units set aside for affordable housing, the project will also feature energy-efficient designs and green building practices, ensuring long-term savings for residents and contributing to environmental sustainability.

Josh Earn, Managing Director of Lending and Innovation for NHT notes, “As the manager of the Affordable Housing Opportunity Fund, NHT remains deeply committed to expanding affordable housing opportunities. By adding these much-needed units to the market, we continue to advance our mission of preserving housing affordability in one of the most in-demand areas in the region. We are excited to continue working with TM Associates and with our CDFI partners to make this development a reality and contribute to the well-being of the Rockville community.” Over the past two years, NHT has closed on over $40M in finance deals for affordable housing development projects.