DCHFA Provides $125M in Financing for 2 Affordable Developments in DC
The District of Columbia Housing Finance Agency (DCHFA) has provided $125 million in financing for two multifamily developments in Washington, D.C.
DCHFA provided $48.8 million in tax-exempt bonds and underwrote $41.5 million in federal low-income housing tax credit equity to the development team of Gilbane Development Company, MED Developers, Equity Plus Manager LLC and Housing Help Plus for Belmont Crossing, a 275-unit garden-style community in Ward 8.
D.C.’s Department of Housing and Community Development (DHCD) contributed an additional $37.6 million HPTF loan for the $104.5 million project, situated in the Washington Highlands neighborhood.
Phase I will consist of demolishing 11 of the existing 17 buildings at the site and building a new 169-unit community where 34 units will be reserved for residents earning 30 percent or less of the area median income (AMI), which currently stands at $129,000 for a household of four. The remaining 135 units will be reserved for residents earning up to 50 percent AMI. Additionally, 88 of the new apartments will be for current Belmont Crossing residents.
On-site amenities will include a business center, a community room, a fitness center, a library, picnic areas and a playground.
Additionally, DCHFA issued $20.5 million in tax-exempt bonds and underwrote $14.1 million in low income housing tax credit equity to developer Neighborhood Development Company to build 49 affordable units at 3450 Eads Street in Ward 7.
Separately, the $45.2 million development also received an $18.9 million Housing Production Trust Fund (HPTF) loan from the DHCD.
The development will feature 32 one-bedroom, nine two-bedroom and eight three-bedroom units. Five units are designated permanent supportive housing, reserved for residents earning 30 percent or less of AMI. Twenty units will be reserved for residents earning 50 percent or less AMI, 18 for those earning up to 60 percent AMI, and the remaining six will be for residents earning up to 80 percent AMI.
Property amenities will include a community room, elevators and 13 parking spaces.
“We are more than 50 percent of the way to Mayor Muriel Bowser’s goal of 12,000 new affordable units by 2025, and every unit counts in getting us one step closer to reaching that milestone,” Christopher E. Donald, DCHFA’s CEO, said in a prepared statement.
According to the mayor’s office, the number of new units now stands at 6,860 units.
Keith Loria can be reached at Kloria@commercialobserver.com.