Standard Communities Plans Major Renovation for DC Affordable Housing Apartments
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.
“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.