DCHFA Provides Financing for $101M Affordable Housing Development in DC
The District of Columbia Housing Finance Agency is helping to bring a $101 million affordable housing development to Washington, D.C.’s Ward 7.
On Monday, DCHFA issued $46.92 million in tax-exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit equity for the development of The Paxton. All 148 units in the 159,617-square-foot development are reserved for residents earning 50 percent or less of the area median income, currently $129,000 for a family of four.
Additional financing was provided by a Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development.
Foulger-Pratt and Enduring Affordable Housing Corporation will serve as developers.
“It is more important now than ever to ensure we continue to finance deeply affordable housing for those earning below 50 and 30 percent AMI,” Christopher E. Donald, executive director and CEO of DCHFA, said in a prepared statement. “This project will ensure that D.C. residents can continue to live in the city they’ve always called home and be able to do so affordably.”
The development is the latest project that helps move closer to Mayor Muriel Bowser’s goal of 12,000 new affordable units by 2025.
Located on the corner of 16th Street Northeast and Benning Road, the Paxton is less than one-tenth of a mile from the eastern end of the bustling H Street corridor, home to a large collection of restaurants, grocers, pharmacies and the Kaiser Permanente Capitol Hill Medical Center.
The property will consist of eight efficiencies, 87 one-bedroom, 16 two-bedroom and 37 three-bedroom units. Amenities include a clubhouse, a business center, a courtyard, an exercise facility, garage parking, bike storage, tenant storage units, concierge services and on-site security.
Fifteen apartments will be designated Permanent Supportive Housing, reserved for residents earning 30 percent or less of AMI, and will receive local rent subsidy program vouchers. All residents will have access to services through Hope Multiplied, to include education and mentoring opportunities, play therapy for children, entrepreneurial development, employment and workforce training.
“Foulger-Pratt is pleased to have the opportunity to participate in an affordable housing development of such importance and share our expertise in building contemporary apartment homes with the same full set of features and amenities found in market-rate housing,” Brigg Bunker, Foulger-Pratt’s managing partner and chief operating officer, said in a statement.
Keith Loria can be reached at Kloria@commercialobserver.com.