WASHINGTON, DC, March 07, 2023 (GLOBE NEWSWIRE) — The District of Columbia Housing Finance Agency (DCHFA) has financed the rehabilitation of 202 affordable apartments on scattered sites in Wards 7 and 8. DCHFA has issued a $43.1 million tax exemption bond to acquire and rehabilitate this 16-building community, formerly known as WDC 1, which spans Anacostia, Marshall Heights. and Fort DuPont on February 27, 2023. The agency also underwrote $33.4 million in federal Low Income Housing Tax Credit (LIHTC) equity and $6.4 million in DC LIHTC equity to finance this redevelopment.
“Preserving existing affordable housing properties is an essential component of affordability,” said DCHFA Executive Director/CEO Christopher E. Donald. “East River Village residents will have the opportunity to renew and modernize their community while keeping their rents affordable and allowing them to live in their own neighborhood.”
East River Village residents formed the Positive Change Tenant Association and exercised their rights under the DC Tenant Opportunity Purchase Act. They selected National Housing Trust Communities and IBF Development as the teams to rehabilitate their homes. The project will involve restoring 16 buildings originally constructed between 1952 and 1967, and the total development cost of the project is $95.9 million. Additional funding came in the form of a $37.6 million Housing Production Trust Fund loan from the DC Department of Housing and Community Development.
The Department of Housing said, “Projects like this are critical to preserving affordable units as we continue to make progress in the total number of affordable housing units available to District residents and reach our goal of 12,000 new affordable units by 2025.” continue to work in that direction.” and Acting Director of Community Development Colleen Green. “In that vein, we are thrilled to be a part of the preservation of over 200 homes.”
The unit mix will remain the same as in the existing buildings, to include 74 one-bedrooms and 128 two-bedrooms. Eighty-one units will be reserved for residents earning 60 percent or less of the regional median income (AMI), and 80 units will be reserved for those earning up to 50 percent of the AMI. Forty-one units will be designated Permanent Supportive Housing (PSH) for residents earning 30 percent or less of their AMI, and will receive local rent subsidy program operating subsidies through the DC Housing Authority.
The renovation will take place in four phases with four buildings in each phase. Updates will include completely renovated kitchens, new ceilings, repaired floors, replacement windows, new hot water heaters, renovated bathrooms, new HVAC units, electrical upgrades, and the creation of accessible pathways. Once completed, there will be two new community centers between the villages of the East River (301 37th Street, SE and 450 1scheduled tribe Street, SE). There will also be three new PSH offices within the community.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-free mortgage revenue bonds to defray developers’ costs of acquiring, constructing and rehabilitating rental housing. The agency provides low-cost predevelopment, construction and sustainable financing to private for-profit and non-profit developers that support new construction, acquisition and rehabilitation of affordable rental housing in the District.
The District of Columbia Housing Finance Agency is an S&P A+ rated issuer serving Washington, DC residents for more than 40 years. The agency’s mission is to advance the District of Columbia’s housing priorities; The agency invests in affordable housing and neighborhood development, providing DC residents with avenues to transform their lives. We fulfill our mission by providing the most efficient and effective sources of capital available in the market to finance rental housing and create home ownership opportunities. The agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration*Innovation
Yolanda McCutchen DC Housing Finance Agency 202-777-1650 ymccutchen@dchfa.org Susan Ortiz DC Housing Finance Agency 202-777-1618 sortiz@dchfa.org