DCHFA Funds 76-Unit Affordable Development
The nearly $36 million in funding will serve as the agency’s first transaction of fiscal year 2020.
WASHINGTON DC – In its first transaction of fiscal year 2020, the District of Columbia Housing Finance Agency (DCHFA) is funding an affordable development in the southwest region of Washington DC.
The agency has issued $21.6 million in bond financing and underwrote $14.3 million in low income housing tax credit equity for the construction of 76 affordable apartments, located at 1550 First Street in Washington DC’s mixed-use neighborhood of Buzzard Point.
The property will additionally receive a $13.8 million loan in funding from the District Housing Production Trust Fund (DC Department of Housing and Community Development).
The $43.7 million apartment community will include ground floor retail space and 10 stories of residential space. The property will offer units ranging in size up to four-bedroom floorplans. Positioned near Audi Field and Nationals Park, 1550 First Street is situated in Ward 6 within a half mile of the Waterfront and Navy Yards metro stations.
16 units will be designated as Permanent Supportive Housing; leasing at 30% area median income or below and subsidized by the Local Rent Supplement program. Each of the 76 units will be allocated to tenants earing 50% of area median income or less.
The apartment community will be developed by TM Associates and UPO Community Development Corporation.
The funding supports the district’s goal to provide affordable housing in each of the city’s eight wards. In efforts to address the city’s housing needs, the agency has additionally announced its intention to finance a robust pipeline of affordable preservation and new construction communities in 2020.
Aiming to lower developers’ costs of acquiring, constructing and rehabilitating rental housing, DCHFA issues tax exempt mortgage revenue bonds through its multifamily lending and neighborhood investment and capital markets divisions. Offering private, for-profit and non-profit financing to developers, the agency invests in affordable housing and neighborhood development within the district.