DHCD Financing to Preserve 65 Affordable Housing Units in Ward 8
$9.1 Million in Financing to Help Tenants Preserve Affordable Housing
Oct 15, 2020, 15:01 ET
WASHINGTON, Oct. 15, 2020 /PRNewswire/ -- The Department of Housing and Community Development (DHCD) has provided $9.1 million in financing from the Housing Production Trust Fund (HPTF) to preserve 65 affordable housing units in the Congress Heights neighborhood of Ward 8.
"Whenever we invest in a community, it's important that longtime residents know that our resources are available to assist them," said DHCD Director Polly Donaldson. "Every affordable unit that's preserved gives tenants a stronger connection to the community they call home."
New Savannah Preservation Partners LLC, an entity owned and operated by National Housing Trust and N Street Village, has received $9.1 million in HPTF financing for the rehabilitation of Savannah Apartments, a 65 unit apartment complex located at 1301-1305 Savannah Street, SE; 3310-3318 13th Street, SE; and 3232-3242 13th Street, SE, Washington, D.C., in Ward 8.
The apartment complex is comprised of 56 two-bedroom/one-bathroom units and nine (9) three-bedroom/two bathroom units. The tenants invoked their rights to purchase under the Tenant Opportunity to Purchase Act (TOPA) when the property became available for sale and assigned their rights to the developer.
Seven units will be available for households with annual income between $26,450 and $37,800 (30% MFI); 51 units will be available for households earning between $44,100 and $63,000 (50% MFI); and seven units for households earning between $52,900 and $72,600 (60% MFI). The units will remain affordable in perpetuity under a renewable 99 year ground lease with Douglass Community Land Trust (DCLT), a nonprofit organization that helps residents and businesses remain and thrive in their communities.
Estimated completion date for this project will be Fall 2021.
Social Media:
DHCD Twitter: @DCDHCD
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DHCD Website: dhcd.dc.gov
DHCD YouTube: https://bit.ly/2RDS7lb
CONTACT:
Richard Livingstone (DHCD) – (202) 442-6991; [email protected]
SOURCE DC Department of Housing and Community Development
