The D.C. Department of Housing and Community Development (DHCD) has provided financing to produce more than 340 affordable housing units in Wards 1, 7 and 8, made possible by generous and historic annual contributions to the Housing Production Trust Fund (HPTF) by Mayor Muriel Bowser.
“We're very fortunate to have some financial tools that can help us produce affordable housing options for District residents at low- to very low-income levels," said Acting DHCD Director Colleen Green. "But even with those resources our team continues to find creative solutions that ultimately benefit all residents who want to live in the District.”
The addition of these affordable housing units supports Mayor Muriel Bowser's bold goal to deliver an additional 36,000 housing units – including at least 12,000 units of affordable housing – by 2025. To track the District's progress to reach this goal, please visit open.dc.gov/36000by2025.
FPE Development LLC, a partnership among Housing Up, Jonathan Rose Companies and Somerset Development, received $16.9 million in financing from the Housing Production Trust Fund (HPTF) and held a ground breaking ceremony for the construction of The Faircliff, a new 8-story, 125-unit apartment building at 2641 14th Street NW in Ward 1. The project also received an allocation of 4% federal low-income housing tax credits (LIHTC) administered by the DC Housing Finance Agency (DCHFA) and District of Columbia LIHTCs from DHCD which yielded a total of $50 million in equity.
The units will be made affordable for households earning at or below 30% or up to 60% of the median family income (MFI). Nine (9) affordable units will be designated for permanent supportive housing (PSH).
3450 Eads LLC, a joint venture between River Terrace Neighbors for Community-Minded Development and Neighborhood Development Company, received $12.4 million in HPTF financing for the construction of a new 4-story, 49-unit apartment building at 3450 Eads Street NE in Ward 7. The project also received $6.4 million from the HOME Investment Partnership Program (HOME) offered by the U.S. Department of Housing and Urban Development (HUD) and an allocation of 4% LIHTCs administered by DCHFA and District of Columbia LIHTCs from DHCD which yielded a total of $16.9 million in equity.
The units will be made affordable for households earning at or below 30% or up to 80% of MFI. Five (5) PSH affordable units will be designated for households below 30% MFI.
BCP 1 LLC, a joint venture between Gilbane Inc., Equity Plus, Housing Help Plus, and MED, received $43.8 million in HPTF financing for the construction of Belmont Crossing Phase 1, a new 4-story, 169-unit apartment building at 4272 7th Street SE in Ward 8 which will replace an 88-unit building currently onsite. Tenants assigned their rights through the Tenant Opportunity to Purchase Act (TOPA) to the development team to buy the property and replace the existing buildings.
In a first of its kind transaction, the project was also financed partially by the District purchasing and leasing back of the land through a 99-year ground lease to BCP 1 LLC which reduced the amount of tax-exempt bonds utilized for the project. The transaction allows the District to limit the impact on its bond cap while also controlling the land going forward.
The units will be made affordable for households earning at or below 30% or up to 50% of MFI. Thirty-four (34) PSH affordable units will be designated for households below 30% MFI.
Construction for all three projects is estimated to be completed by fall of 2024.
For more information on affordable housing units available for rent or sale, please visit dchousingsearch.org.