DCHFA Provides $83M for Ward I Affordable Housing
The District of Columbia Housing Finance Agency (DCHFA) provided $82.7 million in financing for the construction of Park Morton Phase I, which will deliver 142 affordable housing units in Washington, D.C.’s Ward I.
DCHFA issued $51.2 million in tax-exempt bonds and underwrote $31.5 million in federal Low Income Housing Tax Credit (LIHTC) equity for the development, which is on the former site of public housing.
When complete, Park Morton will consist of 19 efficiencies, 73 one-bedroom units, 49 two-bedroom units and one four-bedroom unit. All will be reserved for residents earning 80 percent or less of the area median income. In addition, the project will include 40 replacement public housing units, which will be reserved for individuals earning 30 and 50 percent or less of AMI, which is currently $93,547 for a household of four.
D.C.Mayor Muriel Bowser has made affordable housing a priority. She has set a goal of delivering 36,000 units of housing, including at least 12,000 affordable units, by 2025.
“The journey for this project has taken over a decade, and under Mayor Bowser’s leadership we have finally crossed the finish line,” Christopher E. Donald, executive director and CEO of DCHFA, told Commercial Observer. “Ward 1 is a community of opportunity; the residents who live in this redevelopment will be close to transit, amenities, strong schools and employment centers.”
The Community Builders and Dantes Partners are co-developing the Park Morton project. It will include a solar rooftop and an additional 14,000-square-foot green roof. Other amenities include a rooftop lounge, a fitness room, courtyard spaces, meeting lounges, a pet grooming room, bike storage and a parking garage that will accommodate 71 cars.
“Residents should have the opportunity to live in healthy, beautiful, affordable housing in all of the District’s great neighborhoods,” Donald said.
Keith Loria can be reached at Kloria@commercialobserver.com.