Courtesy of apartmentfinder.com
Courtesy of apartmentfinder.com

The D.C. Department of Housing and Community Development has closed a loan with The NHP Foundation, a national nonprofit affordable housing developer, that will preserve 148 affordable housing units in the Ward 7 neighborhood of Fort Dupont Park.

DHCD provided more than $5 million in financing from the Housing Production Trust Fund to help NHPF acquire and rehabilitate 16 two-story apartment buildings such as the Benning Heights Apartments,  located along the 4800 block of Alabama Avenue in Southeast.

“Public and private partnerships are crucial in providing affordable housing in the District, and this latest project is an example of the success that comes when the public and private sectors join forces,” said DHCD Director Polly Donaldson.

“Here, both the Bowser administration and The NHP Foundation worked together to fulfill a common goal — that District residents have access to safe and affordable housing,” Donaldson said. “With both the Parkchester and now Benning Heights, this partnership is resulting in the preservation of over 240 affordable housing units.”

The $32 million project also received $16 million in bond financing and more than $7.9 million through 4 percent low income housing tax credits from the DC Housing Finance Agency.

As a result of these financing efforts, all 148 units will remain affordable to households earning no more than 60 percent of the Area Median Income for at least the next 40 years.

This is the second recent financing deal with NHPF. In September 2016, DHCD provided the developer with $6.4 million in HPTF financing for a rehabilitation project at Parkchester Apartments, a 93-unit apartment complex at 2704 Wade Road SE in Ward 8. All units there are dedicated for households earning up to 50 percent AMI.

Did you like this story?
Would you like to receive articles like this in your inbox? Free!

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

Leave a comment

Your email address will not be published. Required fields are marked *