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press release

DCHFA funds market-rate to affordable housing

#DCHFA #funds #marketrate #affordable #housing

Washington, D.C., Sept. 28, 2022 (GLOBE NEWSWIRE) — The District of Columbia Housing Finance Agency (DCHFA) has financed the rehabilitation of Ridgecrest Village Phase I in Ward 8’s Shipley Terrace neighborhood. The Agency issued $21.9 million in tax exempt bonds and underwrote $16.83 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity. Phase I of the project will consist of remodeling 13 existing buildings on the property originally constructed in 1951.

“Not only does this deal ensure the residents of Ridgecrest Village will get much-needed updates to preserve their homes, but also that formerly naturally occurring affordable housing will transition to long term affordable housing to support residents at all income levels,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. “The Agency hopes to see many more projects like this across the District in the future.”

The NHP Foundation is the developer leading the first renovation at Ridgecrest Village since 1993.  The scope of work will include repairing exterior walls, replacing light fixtures, reshaping parking lots, installing security screens and windows and constructing new sidewalks and ramps among other things. In-unit amenities will include vinyl flooring, new kitchen cabinets and fixtures, coat closets, upgraded bathrooms, new blinds, ceiling fans and energy-efficient lighting.

The community consists of four one-bedrooms, 88 two-bedrooms and 48 three-bedrooms. Twenty apartments will be reserved for residents earning 80 percent or less of the area median income (AMI), 57 for those earning up to 60 percent AMI, 35 for those earning up to 50 percent AMI, and 28 units will be designated Permanent Supportive Housing (PSH) for residents earning 30 percent or less AMI. The 28 PSH apartments will receive Local Rent Subsidy Program (LRSP) vouchers and receive tenant services through Community of Hope.

The NHP Foundation and the general contractor, WC Smith will…

Read on GNW: DCHFA funds market-rate to affordable housing

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