D.C. Provides $51M To Finance 3 Ward 8 Affordable Housing Projects
Three Ward 8 projects creating over 300 new affordable units will soon move forward with financing from the District.
The D.C. Department of Housing and Community Development announced Wednesday it provided $40M in loans to two projects and $11.3M in equity for a third as part of D.C.'s push to produce more affordable housing.
The first project, The Residences at St. Elizabeths East, received $28.8M in financing from DCHD through the Housing Production Trust Fund. The project is the first phase of the 2M SF redevelopment of the St. Elizabeths East campus in Congress Heights. It will consist of 252 apartments, with 202 of them affordable for those making up to 50% of area median income.
The second loan was $10.7M in HPTF financing for the redevelopment of a church property in the Randle Heights neighborhood. Emmanuel Baptist Church, in partnership with Michaels Development Group, plans to demolish an existing 24-unit building on its property and construct a new project with 72 units of affordable housing.
DHCD also provided $11.3M in equity from 9% Low Income Housing Tax Credits for WC Smith's 58-unit City View project in the Barry Farm neighborhood. The project will include 14 units set aside for up to 60% AMI, 32 units at 50% AMI and six units at 30% AMI, plus six market-rate units. It is also receiving a $252K grant from D.C.'s Department of Behavioral Health.
"DHCD funding is essential for the creation of these affordable apartments, which we know are in high demand,” WC Smith CEO Chris Smith said in a release.
