(Washington, DC) – Mayor Bowser today announced that the DC Department of Housing and Community Development (DHCD) closed a $2.5 million loan agreement that will help preserve 49 affordable housing units in Ward 5. This achievement is a result of a tenant association’s use of the Tenant Opportunity to Purchase Act (TOPA) and funding made available through the Housing Production Trust Fund (HPTF).
“We know that getting in and staying in the middle class requires residents to have access to safe and affordable housing,” said Mayor Bowser. “By continuing our historic investments in the Housing Production Trust Fund and using laws like the Tenant Opportunity to Purchase Act, we can preserve our existing housing stock while getting more Washingtonians keys to their own home.”
DHCD provided $2.57 million in HPTF financing to Tivoli Gardens LLC, a joint venture between non-profit developer Manna Inc. and Equity Plus LLC, a private equity investment firm, for the acquisition of a 49-unit apartment building at 4811 North Capitol Street, NE. Thirty-seven affordable units will be available for households at or below $66,180 (60 percent of the Area Median Income) and remain affordable for no less than 40 years; eight units will be available for households at or below $55,150 (50 percent of the Area Median Income); and four units will be available for households at or below $33,090 (30 percent of the Area Median Income).
“Thanks to a team of dedicated government officials, nonprofit partners and tenants—and using all of the tools in our affordable housing toolbox— we are preserving affordable housing in a growing neighborhood, close to a Metro station, major bus lines and new retail amenities,” said DHCD Director Polly Donaldson.
The tenant association, Tivoli Gardens Unidos Tenant Association, Inc., held the first right of refusal to purchase the building once it became available for sale. The association assigned its right to purchase the building to the joint venture, which will allow the tenants to remain in affordable housing units.
“We at MANNA are happy to be a part of this great effort. This is a perfect example of what government, nonprofits, for-profit businesses and residents can do when working together,” said Manna Inc. Executive Director Reverend Jim Dickerson. “When this project is completed, it will be something wonderful for the city, neighborhood and for the residents living there. This work is consistent with MANNA’s mission of providing and preserving affordable housing in the nation’s capital and we are proud to be a part of this partnership.”
Since coming into office, the Bowser Administration has sparked the preservation or production of more than 9,900 affordable units, with another 3,000 units in preconstruction. In Fiscal Year 2017, the Administration made historic investments in affordable housing, getting more than $138 million in Housing Production Trust Fund financing out the door to support 23 projects that will produce or preserve more than 1,900 affordable units.
The District’s multi-pronged approach to housing production and preservation, homeownership, and development of vacant properties is winning national recognition. In September 2017, the District was selected 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.
Today’s announcement is part of Mayor Bowser’s #pathwaystothemiddleclass Week. Throughout the week, the Mayor is highlighting the resources and programs the Administration is using to expand economic prosperity across all eight wards.