(Washington, DC) – Today, Mayor Muriel Bowser joined the residents of Fort Stevens Place Apartments to celebrate the tenants’ success in preserving 59 units of affordable housing in the Brightwood neighborhood of Ward 4. The tenants organized and exercised their right to purchase the building under DC’s Tenant Opportunity to Purchase Act (TOPA), and the project received $3.42 million in Housing Production Trust Fund (HPTF) financing from the DC Department of Housing and Community Development (DHCD).
“It takes a lot of committed people working together to plan, fund, and build successful affordable housing developments,” said Mayor Bowser. “And it’s because of engaged residents and partners that we have been able to not just make historic investments in the Housing Production Trust Fund and other similar financing tools, but to also get that money out the door so we can meet our housing goals. Congratulations to the tenants of Fort Stevens Place Apartments for seeing this rehabilitation and renovation through.”
This preservation project, located at 1339 Fort Stevens Drive, NW, also received $9.6 million in private equity through an allocation of 9% low-income housing tax credits (LIHTC) issued by DHCD.
“When the fiscal year starts next week, we will have the largest Housing Production Trust Fund and Preservation Fund in the city’s history,” said DHCD Director Polly Donaldson. “It is this type of historic and continued investment in housing that make projects like Ft. Stevens Place Apartments possible.”
The tenants selected Community Development and Preservation Corporation (CPDC) to be the new owner and developer for the apartment building. The renovated property provides residents with modern and energy efficient housing and ensures that 59 housing units will remain affordable for at least 40 years.
The three-story multifamily brick building is comprised of two studio, 32 one-bedroom and 25 two-bedroom apartments. Fifty-two units are affordable to households making no more than $72,800 (60% of the Median Family Income or MFI) and seven units are affordable to households making no more than $36,400 (30% MFI).
“Given the rising costs of housing, preserving well-designed affordable homes is more critical than ever,” said Brian McLaughlin, Community Preservation and Development Corporation President and CEO. “This latest collaboration for the preservation of Fort Stevens Place shows the true potential of public-private partnerships as well as the strength of galvanized residents.”