The District of Columbia Housing Finance Agency completed transactions for the financing of 673 units of affordable housing late last month.
For Villages at Parklands Phase I in Ward 8, the agency issued $59.2 million in tax-exempt bonds and underwrote $43.6 million in federal Low Income Housing Tax Credit equity for the acquisition and renovation of 461 apartments.
The second deal that closed was the financing of Northwest One Phase II, with the DCHFA issuing $45 million in tax-exempt bonds and underwriting $37.8 million in federal LIHTC equity for the construction of 212 affordable apartments on the second parcel of the Northwest One Redevelopment Plan, which is a New Communities Initiative designated project from the Office of the Deputy Mayor for Planning and Economic Development.
Additional financing for Northwest One is being provided by a $39 million DMPED NCI loan.
“The financing of nearly 700 units in a week, demonstrated the robust activity of DCHFA’s multifamily pipeline,” said Christopher E. Donald, the agency’s executive director/CEO. “Both developments will have significant impacts on the communities of which they will be located.”
The Northwest One Phase II site will be developed by MidAtlantic Realty Partners, Taylor Adams Associates, and CSG Urban Partners. The $103 million six-story Northwest One facility will have units reserved for residents earning 30% and 60% of the area median income or less.
The Villages at Parklands Phase I is comprised of the Huntington Village Apartments and Orchard Park Village Apartments. The tenant associations of the two apartment complexes used the city’s Tenant Opportunity to Purchase Act to acquire the building and then selected developers Dantes Partners, L7M Development Partners, and the H Street Community Development Corporation to work on the project.