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D.C. Closes Financing For 185-Unit Affordable Project In Petworth

Friday, May 8, 2020

A project that would create 185 affordable housing units in Northwest D.C.'s Petworth neighborhood is moving forward. Mayor Muriel Bowser announced Friday the District closed the financing for the Spring Flats project, a redevelopment of the historic Hebrew Home at 1125 Spring Road NW. The deputy mayor for planning and economic development selected Victory Housing in 2017 to develop the project. Wiencek + Associates is the project's architect. The property sits less than a half-mile from the Georgia Avenue-Petworth Metro station on the Green and Yellow lines....

The financing deal includes an additional $10.1M in LIHTC equity and $4.1M from the Department of Housing and Community Development's Housing Production Trust fund. TD Bank, BlueHub Capital, Walker & Dunlop, Boston Capital, JPMorgan Chase, the Local Initiative Support Corp. and Bank of America CDC were also involved in the deal.

Bisnow/Jon Banister

 

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