DC Housing Finance Agency Funds First Development of 2021 in Anacostia
The District of Columbia Housing Finance Agency has funded the construction of an affordable rental development at 2442 Martin Luther King Jr Avenue SE in Anacostia. The agency issued $27 million in tax-exempt bond financing and an additional underwriting of $20.6 million in low-income housing tax credits at 4 percent interest.
Mid-Atlantic Realty Partners and Taylor Adams Associates will serve as developers for the $52.6 million community. This marks DCHFA’s first development funding for 2021.
“MLK will deliver into a historic and rapidly shifting neighborhood in the city and contribute to providing housing for families across the economic spectrum,” Christopher E. Donald, DCHFA’s acting executive director, said in a statement. “It will preserve economic diversity and a rich cultural tapestry that will anchor long-term residents and embrace new residents moving into the District.”
Located about 500 feet from the Anacostia Metro Station, the development will bring 112 new apartments priced at 30 to 50 percent of area median income to Ward 8’s Anacostia neighborhood.
It will feature 24 one-, 57 two-, and 31 three-bedroom apartments, with six permanently designated as supportive housing and supported by a local rent supplement program. Community Connections of DC will provide support services for those residents.
Amenities will include a business center, community room, and a parking garage with 49 spaces free to residents.