Community

Housing Financing Fund Preserves Affordable Rentals in Wards 1, 8

The D.C. Department of Housing and Community Development closed two loan agreements this week, totaling more than $7.5 million to help preserve more than 60 affordable rental housing units in Wards 1 and 8.

The funding — capable housing more than 150 residents — was made available through the Housing Production Trust Fund.

“As our city grows and prospers, we use all the tools at our disposal to preserve our existing affordable housing stock,” said department Director Courtesy of dhcd.dc.gov via Twitter. “This financing will allow a nonprofit developer, as well as a tenants association, to maintain safe and affordable homes for residents in Wards 1 and 8.”

The department provided So Others Might Eat (SOME), a nonprofit community development organization, with $4.9 million in Housing Production Trust Fund (HPTF) financing for the acquisition and preservation of 36 affordable rental housing units at 1433-1435 Spring Road NW.

The project was also provided $587,577 in 4 percent Low Income Housing Tax Credits. As a result of this financing, SOME will be able to provide supportive services for 36 families.

The units will be available for households at or below 30 percent of the Area Median Income and remain affordable for no less than 40 years.

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