Washington, D.C., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Washington, D.C. – On July 28, 2023, the District of Columbia Housing Finance Agency (DCHFA) completed transactions for the financing of 673 units of affordable housing. For Villages at Parklands Phase I (Ward 8), DCHFA issued $59.2 million in tax exempt bonds and underwrote $43.6 million in federal Low Income Housing Tax Credit (LIHTC) equity for the acquisition and renovation of 461 apartments. The second deal that closed on July 28th was the financing of Northwest One Phase II. DCHFA issued $45 million in tax exempt bonds and underwrote $37.8 million in federal LIHTC equity for the construction of 212 affordable apartments on the second parcel of the Northwest One Redevelopment Plan, which is a New Communities Initiative (NCI) designated project from the Office of the Deputy Mayor for Planning and Economic Development (DMPED). Additional financing for Northwest One is being provided by a $39 million DMPED NCI loan.
“The financing of nearly 700 units in a week, demonstrates the robust activity of DCHFA’s multifamily pipeline,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. Both developments will have significant impacts on the communities of which they will be located. The modernization of the Villages at Parklands Phase I preserves existing affordable housing while making the apartment communities beautiful and healthy and maintaining affordability for its future and current residents. The Agency is proud to continue its investment in the development of Northwest One in partnership with DMPED.” In 2020, DCHFA issued $29.9 million in tax-exempt bond financing for the first phase of Northwest One. Phase II is the second of three phases of the redevelopment plan that will ultimately deliver approximately 600 residential mixed-use, mixed-income units in the NoMa neighborhood.
MidAtlantic Realty Partners, Taylor Adams Associates and CSG Urban Partners are the developers that will construct the $103 million six story building on the Northwest One Phase II site. The units will be reserved for residents earning 30 percent and 60 percent of the area median income (AMI) or less. The unit mix of the Northwest One Phase II will consist of 12 efficiency units, 80 one-bedroom units, 65 two-bedroom units, 44 three-bedroom units, and 11 four-bedroom units. Approximately, 83 units will operate with Local Rent Supplement Program subsidies from the DC Housing Authority. Additionally, 11 of the 83 units at 30 percent of AMI will be Permanent Supportive Housing (PSH) units that will operate under the PSH program. Seventy-two apartments will be reserved to provide one for one replacement for tenants returning from Temple Courts and Golden Rule communities.
The Villages at Parklands Phase I is comprised of two apartment communities, Huntington Village Apartments and Orchard Park Village Apartments. The Huntington Village Apartments Tenant Association, Inc. and Orchard Park Village Tenant Association, Inc. organized and exercised its rights under the Tenant Opportunity to Purchase Act to acquire their buildings then selected Dantes Partners, L& M Development Partners, and H Street Community Development Corporation as the developers to rehabilitate their homes. The total development cost is $121 million. The apartment buildings were constructed in the Randle Heights neighborhood during the 1950s and last underwent renovation in 2006. Following the completion of the proposed renovation, both Huntington Village and Orchard Park will continue to be LIHTC restricted at 60 percent of AMI and operate with subsidies (HAP contracts).
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.
The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides
pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation
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