Standard Communities Plans Major Renovation for DC Affordable Housing Apartments

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Standard Communities, the affordable housing division of Standard Companies, has acquired 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. 

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“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 include updating kitchens and bathrooms, improving common area lighting, and installing new security systems and solar panel systems. 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 will preserve and extend the community’s affordability for the next 30 years. 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.