DHCD Financing to Preserve and Produce Affordable Units in Wards 4 and 8
Local and Federal Resources Allocated For Affordable Housing Units
WASHINGTON, Jan. 28, 2021 /PRNewswire/ -- The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to produce and preserve more than 260 affordable housing units in Wards 4 and 8.
"The demand for more affordable housing continues to be a priority, especially for seniors," said DHCD Director Polly Donaldson. "Whether we produce new units or preserve older affordable units, our goal is to leverage all of our available resources so that residents can remain in the District."
2442 MLK LLC, a joint venture between MidAtlantic Realty Partners LLC and Taylor Adams Associates, received $21.1 million from the District's Housing Production Trust Fund (HPTF) to construct a new 112-unit apartment building located at 2442 Martin Luther King Jr. Avenue SE. The project also received a $1.6 million allocation of 4% federal tax credits from the DC Housing Finance Agency (DCHFA).
Six units will be available for households earning below $37,800 annually depending on family size; The remaining 106 units will be available for households earning below $63,000.
218 Vine Street NW Residential PJV – Phase 2 LLC, a joint venture between Jair Lynch Real Estate Partners and nonprofit Housing Up, received $8.59 million in HPTF financing, $4.6 million from the federal National Housing Trust Fund (NHTF) and a $1.1 million allocation of federal 9% low-income housing tax credits (LIHTC) to construct a new five-story, 129-unit apartment building for seniors located at 218 Vine Street NW in Ward 4.
The project, which also received a $987,000 allocation of 4% federal tax credits from DCHFA, will feature a private courtyard, business center, meeting space and a gym for residents. The estimated completion date for the building is summer 2022.
Mi Casa, Inc. received an $887,000 allocation of 9% federal tax credits from DHCD for the rehabilitation of properties at 5400 5th Street NW, a 12-unit apartment building in Ward 4, and 1847 Good Hope Road SE, an 18-unit apartment building in Ward 8.
Both Mi Casa properties will receive new windows, exterior finishes, updated kitchens and bathrooms. Tenants assigned their right to purchase to the nonprofit which bought the properties in an effort to help preserve affordability. The estimated completion dates for the properties are spring 2022.
For more information on available affordable housing units for rent or sale, please visit dchousingsearch.org.
CONTACT:
Richard Livingstone (DHCD) – (202) 442-6991; [email protected]
SOURCE DC Department of Housing and Community Development
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