Standard Communities Plans Major Renovation for DC Affordable Housing Apartments
By Keith Loria January 25, 2021 10:12 am
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Standard Communities, the affordable housing division of Standard Companies, has purchased Ritch Homes Apartments, 42 rent-subsidized apartments for low income families in Washington, D.C., for approximately $15 million, with a total capitalization of $30 million.
Located at 1420 and 1424 R Street NW in the Logan Circle neighborhood, the two-building community, originally constructed in 1920, will undergo a major renovation, which will include the addition of four new units.
“We are proud to expand our presence in D.C. and to continue our efforts to help the District meet its affordable housing goals,” Scott Alter, Standard Communities’ co-founder and principal, said in a statement.
The renovations will result in updated kitchens and bathrooms, improved common area lighting, and new security systems and solar panel systems, per the company statement. New amenities, such as a fitness center and business center, will also be added.
Additionally, the four new units will be accessible to handicapped occupants through the courtyard between the two buildings.
As part of a public-private partnership, the company’s “transaction will preserve and extend the community’s affordability for the next 30 years,” according to the prepared statement.. The DC Housing Finance Agency (DCHFA) provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits.
Standard Communities also worked on the deal with the U.S. Department of Housing and Urban Development; the D.C. Department of Housing and Community Development; the nonprofit Housing on Merit; the 1420-1424 ouR St Tenants Association; and Darrell Green Enterprises, the eponymous firm started by the former NFL great who played for Washington.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
