DCHFA Issues $15.35 Mil in 'AAA' Bonds for Carver Terrace

WASHINGTON, DC-An unusual joint venture resulted in the acquisition of the Carver Terrace Apartments here, according to information released by the District of Columbia Housing Finance Agency Jan. 31. The Carver Terrace Tenants and Civic Association-Wire Inc. and the Telesis Corp., an experienced developer of affordable housing, are joining forces to purchase the 33-building multifamily housing complex.

DCHFA is providing construction and permanent financing by issuing $15.35 million in tax-exempt mortgage revenue bonds. Lend Lease Real Estate Investments is providing $8.5 million in equity through its purchase of the low-income housing tax credits allocated to the project.

DCHFA and Fannie Mae, who have supported this project since its inception in 1997, are providing close to $4 million in acquisition and predevelopment costs. The Fannie Mae DUS Program brings with it a “AAA” bond rating by Standard & Poor’s.