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HPTF Financing Will Preserve Affordable Housing Units in Wards 5 and 7

Wednesday, July 12, 2017
Projects Also Will Offer Supportive Services, Allow Tenants to Buy/Rebab Building Under TOPA

(WASHINGTON, DC) – The DC Department of Housing and Community Development (DHCD) closed two loan agreements totaling more than $5 million that will help preserve nearly 100 affordable housing units—capable of housing over 250 residents—in Wards 5 and 7. The funding was made available through the Housing Production Trust Fund (HPTF).

“These projects show that preserving affordable housing in a hot housing market like the District is possible,” said DHCD Director Polly Donaldson. “Thanks to the Housing Production Trust Fund, tenants were able to gain purchasing power over their building, and residents know that their affordable housing remains secure.”

DHCD provided Residence at Minnesota Gardens Cooperative Inc. with $3.9 million in HPTF financing for the acquisition and preservation 48 affordable housing units at 3501 Minnesota Avenue SE. Thirty-six affordable units will be available for households with incomes at or below 50 percent of the Area Median Income (AMI) and remain affordable for no less than 40 years; 12 units will be available for household at or below 80 percent AMI.

DHCD financing will also help Housing Up, a nonprofit organization that advocates for the homeless and at-risk families, rehabilitate Hedin House, a 48-unit apartment building at 2900 Newton Street NE. The project also received an allocation of more than $763,000 in 9 percent low-income housing tax credits. All units will be available for households at or below 60 percent AMI.

Since taking office, Mayor Muriel Bowser has made affordable housing a major focus of her administration. In October, the mayor celebrated a record HPTF investment for FY 2016: $106.3 million supporting 19 projects that will produce or preserve more than 1,200 affordable housing units across the city. And in the first five months of FY 2017, one half of the HPTF is already allocated to projects that will produce and preserve affordable housing across the District. DC’s annual $100 million HPTF is more than any city per capita in the country. Additionally, in her March 30 State-of-the-District address, the mayor announced as part of her in her inclusive prosperity platform a new initiative of $10 million dedicated solely to a new public-private housing preservation fund.

Since January 2015, the Bowser Administration has produced and preserved over 3,600 units of affordable housing units in the District with more to come. More than 3,700 affordable housing units—capable of housing more than 9,250 District residents—are in the development pipeline.

The District’s multi-pronged approach to housing production and preservation, homeownership, and development of vacant properties is winning national recognition. On April 28, DHCD was announced as a finalist for the Urban Land Institute’s Larson Housing Policy Leadership Award. This annual award, provided by ULI’s Terwilliger Center for Housing, recognizes innovative ways the public sector is addressing the nation’s affordable housing crisis. The winner will be announced in September.

The District just finished celebrating its achievements during June Housing Bloom.” Mayor Muriel Bowser’s annual month-long initiative showcases how the public and private sectors are partnering to both produce and preserve affordable housing and revitalize neighborhoods across the District. Over 6,000 attendees, a record number, attended the June 24 9th Annual Housing Expo and Home Show.