DCHFA Funds Affordable Housing Rehabilitation at DC’s Ridgecrest Village
The District of Columbia Housing Finance Agency has provided $38.7 million in financing to the NHP Foundation for the rehabilitation of Ridgecrest Village, a 272-unit affordable housing development in Washington, D.C.’s Ward 8.
DCHFA issued $21.9 million in tax-exempt bonds and underwrote $16.83 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity. Additional funding for the $48.9 million project came from a loan by the D.C. Department of Housing and Community Development’s Housing Production Trust Fund.
The first phase of the project will consist of remodeling 13 buildings comprising 140 units.
“Not only does this deal ensure the residents of Ridgecrest Village will get much-needed updates to preserve their homes, but also that formerly naturally occurring affordable housing will transition to long-term affordable housing to support residents at all income levels,” Christopher E. Donald, executive director and CEO of DCHFA, said in a prepared statement.
Located at 2000 Ridgecrest Court SE, the apartment complex was constructed in 1951 and hasn’t been renovated since 1993.
Upcoming renovations will include repairing exterior walls, replacing light fixtures, reshaping parking lots, installing security screens and windows, and constructing new sidewalks and ramps. Unit upgrades will consist of the installation of vinyl flooring, new kitchen cabinets and fixtures, upgraded bathrooms and energy-efficient lighting.
The 13 buildings to be remodeled feature four one-bedroom units, 88 two-bedroom units and 48 three-bedroom units. Twenty apartments will be reserved for residents earning 80 percent or less of the area median income (AMI), 57 for those earning up to 60 percent of AMI, 35 for those earning up to 50 percent of AMI, and 28 units will be designated Permanent Supportive Housing for residents earning 30 percent or less.
WC Smith will serve as property manager for the project, while Hamel Builders is the general contractor.
Current residents will be transferred to other on-site units or to nearby properties during the rehab process, which is expected to last three to five months.
Keith Loria can be reached at Kloria@commercialobserver.com.