DCHFA Provides $125M in Financing for 2 Affordable Housing Developments in DC

The District of Columbia Housing Finance Company (DCHFA) has offered $125 million in financing for 2 multifamily developments in Washington, D.C.

DCHFA offered $48.8 million in tax-exempt bonds and underwrote $41.5 million in federal low-income housing tax credit score fairness to the event staff of Gilbane Improvement Firm, MED Builders, Fairness Plus Supervisor LLC and Housing Assist Plus for Belmont Crossing, a 275-unit garden-style neighborhood in Ward 8.

D.C.’s Division of Housing and Group Improvement (DHCD) contributed an extra $37.6 million HPTF mortgage for the $104.5 million mission, located within the Washington Highlands neighborhood.

Section I’ll encompass demolishing 11 of the prevailing 17 buildings on the web site and constructing a brand new 169-unit neighborhood the place 34 models might be reserved for residents incomes 30 p.c or much less of the world median revenue (AMI), which presently stands at $129,000 for a family of 4. The remaining 135 models might be reserved for residents incomes as much as 50 p.c AMI. Moreover, 88 of the brand new residences might be for present Belmont Crossing residents. 

On-site facilities will embody a enterprise middle, a neighborhood room, a health middle, a library, picnic areas and a playground.

Moreover, DCHFA issued $20.5 million in tax-exempt bonds and underwrote $14.1 million in low revenue housing tax credit score fairness to developer Neighborhood Improvement Firm to construct 49 reasonably priced models at 3450 Eads Road in Ward 7.

Individually, the $45.2 million improvement additionally obtained an $18.9 million Housing Manufacturing Belief Fund (HPTF) mortgage from the DHCD.

The event will function 32 one-bedroom, 9 two-bedroom and eight three-bedroom models. 5 models are designated everlasting supportive housing, reserved for residents incomes 30 p.c or much less of AMI. Twenty models might be reserved for residents incomes 50 p.c or much less AMI, 18 for these incomes as much as 60 p.c AMI, and the remaining six might be for residents incomes as much as 80 p.c AMI.

Property facilities will embody a neighborhood room, elevators and 13 parking areas.

“We’re greater than 50 p.c of the way in which to Mayor Muriel Bowser’s objective of 12,000 new reasonably priced models by 2025, and each unit counts in getting us one step nearer to reaching that milestone,” Christopher E. Donald, DCHFA’s CEO, mentioned in a ready assertion.

Based on the mayor’s workplace, the variety of new models now stands at 6,860 models. 

Keith Loria could be reached at Kloria@commercialobserver.com.