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DCHFA Finances Mixed-Income Development for Families in Petworth

Thursday, September 17, 2020

Within two weeks of its last deal closing, the District of Columbia Housing Finance Agency (DCHFA) has financed a second development. On September 15, DCHFA issued $19.1 million in tax-exempt bond financing and underwrote $8 million in four percent low income housing tax credit (LIHTC) for the construction of Spring Flats Family in Petworth (Ward 4). “Petworth is now an amenity rich and highly sought after neighborhood where housing prices have increased rapidly. Investing in Spring Flats Family helps to ensure that residents at a range of income levels, including families will have the opportunity to live in and enjoy all this neighborhood has to offer,” stated Christopher E. Donald, Interim Executive Director, DCHFA. Spring Flats Family will consist of 87 apartments with a mix of one, two and three-bedroom units with rents reserved at 30, 50 and 120 percent of area median income….

Additional financing for Spring Flats Family is provided through a $10.4 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund. Amenities at Spring Flats will include community and fitness rooms, onsite property management office, 57-car parking garage and private outdoor spaces. The building will be certified LEED Gold and Energy Star appliances will be installed in each unit.

DC Housing Finance Agency