DCHFA Funds Market Rate for Affordable Housing
Washington, DC, Sept. 28, 2022 (GLOBE NEWSWIRE) — The District of Columbia Housing Finance Agency (DCHFA) has funded the rehabilitation of Ridgecrest Village Phase I in the Shipley Terrace neighborhood of Ward 8. The Agency issued 21 $.9 million in tax-exempt bonds and subscribed $16.83 million in DC and federal stock for the Low-Income Housing Tax Credit (LIHTC). Phase I of the project will consist of remodeling 13 existing buildings on the property originally built in 1951.
“Not only does this agreement ensure that residents of Ridgecrest Village will receive much-needed updates to preserve their homes, but also that once-natural affordable housing will transition to long-term affordable housing to support residents at all income levels.” , said Christopher E. Donald, Executive Director/CEO, DCHFA. “The Agency hopes to see many more projects like this in the district in the future.”
The NHP Foundation is the developer who led Ridgecrest Village’s first renovation since 1993. The scope of work will include repairing exterior walls, replacing light fixtures, redesigning parking lots, installing security screens and windows and the construction of new sidewalks and ramps, among others. Unit amenities will include vinyl flooring, new kitchen cabinets and appliances, walk-in closets, upgraded bathrooms, new blinds, ceiling fans and energy efficient lighting.
The community consists of four bedrooms, 88 two-bedrooms and 48 three-bedrooms. Twenty apartments will be reserved for residents earning 80% or less of the area median income (AMI), 57 for those earning up to 60% of the AMI, 35 for those earning up to 50% of the AMI and 28 units will be designated as Permanent Supportive Housing. (PSH) for residents earning 30% or less of the AMI. The 28 PSH apartments will receive vouchers from the Local Rent Subsidy Program (LRSP) and receive tenant services through Community of Hope.
The NHP Foundation and general contractor, WC Smith, will coordinate the temporary relocation of current residents to other buildings on site or to neighboring properties in the neighborhood. Residents will move for three to five months, during which they will not be required to pay rent until they return to their new accommodation.
Additional funding for this $48.9 million project comes in the form of a $16.13 million loan through the Department of Housing and Community Development’s Housing Production Trust Fund. from DC. When complete, Ridgecrest Village will include a central laundry room, two playgrounds, meeting rooms, a fitness room, community kitchen facilities, a computer center and security patrols.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to reduce the costs of acquiring, building and rehabilitating rental housing for developers. The Agency provides low-cost pre-development, construction and permanent funding to private, for-profit and non-profit developers that supports new construction, acquisition and rehabilitation of affordable rental housing in the district.
The District of Columbia Housing Finance Agency is an S&P A+ rated issuer, serving Washington, DC residents for over 40 years. The Agency’s mission is to advance the housing priorities of the District of Columbia; the Agency invests in affordable housing and neighborhood development, which provide pathways for DC residents to transform their lives. We accomplish our mission by providing the most efficient and effective sources of capital available in the marketplace to finance rental housing and create homeownership opportunities. The Agency operates from a set of core values: Leadership*Excellence*Community Focus*Integrity*Collaboration*Innovation