DC Housing Finance Agency Funds The Solstice II

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WASHINGTON, DC—The District of Columbia Housing Finance Agency (DCHFA) has issued $18.6 million in bond financing and underwrote $12.5 million in low income housing tax credit equity for the construction of The Solstice II. The apartment project is located at 3500 East Capitol Street NE.

This is the third development the agency has funded in Ward 7. On July 28, 2019, Mayor Bowser broke ground on 179 units of affordable housing to be constructed in Ward 7 at Providence Place Apartments and The Strand Residences, for which the agency issued nearly $40 million in construction financing.

The Solstice II is a new $39 million development that will bring an additional 95 affordable apartment homes to The Solstice development. The first phase at The Solstice (137 apartments) was funded ($21.5 million) by the agency in FY 2018. Phase II will consist of 12 family size apartments (3 bedrooms) and five permanent supportive housing units receiving local rent supplement program subsidy. The development is 100% affordable reserved for residents earning up to 50 percent of the area median income.

MidAtlantic Realty Partners and Taylor Adams Associates are The Solstice II’s developers. The DC Department of Housing and Community Development’s Housing Production Trust Fund is providing $12.6 million for the expansion of The Solstice.