Mayor Bowser Announces $17.5 Million Investment in Affordable Housing
(Washington, DC) – Mayor Bowser today announced that the DC Department of Housing and Community Development (DHCD) closed two loan agreements totaling more than $17.5 million that will help preserve 159 affordable housing units in Wards 5 and 8, including 65 units for residents age 55 and older. The funding was made available through the Housing Production Trust Fund (HPTF).
“This is how we build pathways to the middle class for Washingtonians of all ages, in every corner of the District,” said Mayor Bowser. “These projects are two examples of why the Housing Production Trust Fund is so critical to the work that we do. With these investments, we are making it possible for more residents to age in place and more individuals and families to secure the housing and community services they need to succeed.”
DHCD provided $10.8 million in HPTF financing to 1164 Bladensburg, LLC, a joint venture between Neighborhood Development Company (NDC) and Tennyson Ventures, for the construction of a new 65-unit apartment building for residents age 55 and older at 1164 Bladensburg Road, NE in the Trinidad/H Street Corridor neighborhood. The project also received $11.1 million in bond financing issued through the DC Housing Finance Agency (DCHFA) as well as $6.9 million in equity raised through an offering of 4 percent low-income housing tax credits (LIHTCs). Fifty-two affordable units will be available for households at or below $55,150 (50 percent of the Median Family Income [MFI]) and remain affordable for no less than 40 years; 13 units will be available for households at or below $33,090 (30 percent of MFI).
“This project will serve an important demographic that has a large need for housing in the District— those age 55 years of age and older,” said NDC founder/CEO Adrian G. Washington. “It also will provide a healthy living environment for its tenants and help the District reach its broader environmental goals through its Enterprise Green Communities and Energy Star certifications.”
DHCD also provided Vesta Maplewood LLC, a joint venture between Vesta Corporation and Hopmeadow Development, Inc., with nearly $6.7 million in HPTF financing for the preservation of 94 affordable housing units at Maplewood Courts, 2306 Hartford Street, SE in the Garfield Heights neighborhood. The project also received $11.3 million in bond financing issued through DCHFA as well as $7.5 million in equity raised through an offering of 4 percent LIHTCs. Ten affordable units will be available for households at or below $33,090 (30 percent of MFI) and remain affordable for no less than 40 years; 84 units will be available for households at or below $55,150 (50 percent of MFI).
“We are delighted to preserve Maplewood Courts apartments as affordable housing in the District,” said Vesta Maplewood LLC President and CEO Arthur Greenblatt. “Moreover, the addition of a new learning center will bring essential community space for additional services for children and families. We are committed to the provision of high-quality, well-managed and service-enriched affordable housing for residents of Ward 8.”
Since coming into office, the Bowser Administration has sparked the creation or preservation of more than 10,400 affordable units, with another 2,950 units in preconstruction. In Fiscal Year 2017, the District made historic investments in affordable housing, getting more than $138 million in Housing Production Trust Fund financing out the door to support 23 projects that will produce or preserve more than 1,900 affordable units.
The District’s multi-pronged approach to housing production and preservation, homeownership, and development of vacant properties is winning national recognition. In September 2017, the District was selected for the Urban Land Institute’s Larson Housing Policy Leadership Award. This annual award, provided by ULI’s Terwilliger Center for Housing, recognizes innovative ways the public sector is addressing the nation’s affordable housing crisis.