D.C. Mayor Muriel Bowser prepares to break ground on 202 affordable housing units at St. Elizabeths East Campus in Ward 8 on Nov. 27. (Brigette Squire/The Washington Informer)
**FILE** D.C. Mayor Muriel Bowser prepares to break ground on 202 affordable housing units at St. Elizabeths East Campus in Ward 8 on Nov. 27. (Brigette Squire/The Washington Informer)

The District of Columbia Housing Finance Agency has financed the construction of The Paxton, a complex located in Ward 7 consisting of 148 affordable apartments.

The DCHFA issued $46.92 million in tax-exempt bonds and underwrote $40.02 million in District and federal Low Income Housing Tax Credit equity for the new project. Other funding came from the Housing Production Trust Fund at the level of $29.02 million in the form of a loan from the D.C. Department of Housing and Community Development.

All units of The Paxton will be reserved for residents earning 50% or less of the area median income. The complex will consist of eight efficiencies and 87 one-bedroom, 16 two-bedroom and 37 three-bedroom units.

All residents will have access to services through Hope Multiplied including education and mentoring opportunities, play therapy for children, entrepreneurial and employment development, mental and physical services, and community connections events.

“It is more important than ever to ensure we continue to finance deeply affordable housing for those earning below 50% and 30% AMI,” said Christopher E. Donald, executive director/CEO of DCHFA. “This development will get the District 148 units closer to Mayor Muriel Bowser’s goal of 12,000 new affordable units by 2025.”

The Foulger-Pratt and Enduring Affordable Housing Corporation will serve as the developers.

Brigg Bunker, managing partner and chief operating officer of Foulger-Pratt, said, “The Paxton represents our continued commitment to building and preserving affordable and attainable housing in the Washington, D.C., market.”

James Wright Jr.

James Wright Jr. is the D.C. political reporter for the Washington Informer Newspaper. He has worked for the Washington AFRO-American Newspaper as a reporter, city editor and freelance writer and The Washington...

Leave a comment

Your email address will not be published.