DCHFA Finances 41 New Affordable Apartments in Congress Heights
D.C.’s Housing Finance Agency is financing a new affordable housing complex in the Congress Heights neighborhood of Washington, D.C.
The $23 million project, called 17 Mississippi Avenue Apartments, is a joint venture between the National Housing Partnership Foundation, The Peebles Corporation and Domaine.
The District of Columbia Housing Finance Agency issued $10.3 million in tax-exempt bond financing and underwrote $8.9 million in four percent Low-Income Housing Tax Credits to help fund the project.
The property, located in Ward 8’s Congress Heights, will consist of 41 affordable rental homes, including 16 efficiency, 12 one‐bedroom, and 13 three‐bedroom units. The project will help move the District closer to achieving Mayor Muriel Bowser’s goal of 36,000 new homes and 12,000 affordable by 2025.
All units will be restricted to residents earning no more than 50 percent of the area median income. Nine of the units will be classified as Permanent Supportive Housing (PSH) units, with Community Connections of DC providing supportive services for the PSH residents. These will be set aside for D.C. residents earning no more than 30 percent AMI.
Amenities at the apartment community will include a rooftop area, a fitness center, an interior community room, bicycle storage and 12 off‐street surface parking spaces.
“As development and home values increase, DCHFA’s investment helps to ensure that residents at all income levels will be able to afford to live here and enjoy the neighborhood’s growth,” Christopher E. Donald, DCHFA’s executive director and CEO, said in a prepared release.
Keith Loria can be reached at email@example.com.