$8M in Revenue Bonds for Affordable-Housing Project

WASHINGTON, DC-Henson Ridge–the 124-unit multifamily development that will occupy the spot where the Frederick Douglass/Stanton Dwellings Public Housing facility once stood–gets a much-needed boost for its funding with the District of Columbia Housing Finance Agency’s recent closing on more than $8.2 million in tax-exempt mortgage revenue bonds. Units in this affordable housing project will be reserved for families with household incomes that are equal to or less than 60% of the area median income.

Henson Ridge will be constructed in a series of phases, with the first phase already underway. Phase one of Henson Ridge will result in 124 townhouse-style residences. Ultimately, the housing complex–which is designed to help fill the void of affordable four- and five-bedroom housing–will offer 280 rentals, and 320 townhouses and duplexes for sale to qualifying families and seniors.

Frederick Douglas and Stanton Community Redevelopment LLC, a partnership of Mid-City Urban and Integral Properties LLC, is developing the property. “Henson Ridge is representative of the continuing commitment of HFA and the city to increase and improve the choices of affordable housing east of the river,” HFA executive director Milton Bailey says in a statement. HFA’s efforts do not stop with Henson Ridge. “We’re going to close on the final settlement on Capital Park Plaza and Twin Towers,” HFA’s Sharon Grindle tells GlobeSt.com. “This is a rehabilitation project on the waterfront in Southwest, and Interstate Business Corp. is behind the development and construction.”