DCHFA closes 2024, by financing the Rehabilitation of 124 affordable apartments in Ward 8

/EIN News/ -- Washington, D.C., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Washington, D.C. – On December 20, the District of Columbia Housing Finance Agency (DCHFA) issued $34 million in tax exempt bonds, underwrote $21.2 million in federal and $4.3 million in DC Low Income Housing Tax Credit equity for the substantial rehabilitation of Henson Ridge Apartments Phase I in Ward 8’s Douglass neighborhood. “Investing in the rehabilitation of Henson Ridge is a great end of the year transaction and an opportunity to bring these affordable townhomes back to their beautiful and healthy previous state, “stated Christopher E. Donald, Executive Director/CEO, DCHFA. Henson Ridge I, consist of 124 townhomes that were constructed in 2006 as a HUD HOPE VI (Housing Opportunities for People Everywhere) program development. The community now requires a rehabilitation to replace roofs, windows, doors, kitchens, bathrooms, and mechanical systems to bring the property up to modern building codes and energy standards.

Urban Atlantic Development and Capitol Housing Partners, LLC (a subsidiary of the DC Housing Authority) are the developers of the $70,994,373 rehabilitation of Henson Ridge I. The proposed renovation plan at Henson Ridge Apartments Phase I will require the temporary relocation of all residents to vacant on-site units while renovations occur in their units. It is anticipated that construction and relocation will begin in the Spring of 2025 and the renovation process will take approximately 28 months and be completed in the Spring of 2027. The community includes 18 one-bedrooms, 30 two-bedrooms, 38 three-bedrooms, 31 four-bedrooms and 7 five-bedrooms, which will be restricted to residents earning 30 percent and 60 percent of area median income or less. Sixty-eight units have operating subsidies under Rental Assistance Demonstration and Project Based Vouchers.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for 45 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation

Yolanda McCutchen
                    DC Housing Finance Agency 
                    202-777-1650
                    ymccutchen@dchfa.org
                    
                    Keme Arigbe
                    DC Housing Finance Agency 
                    202-486-6421
                    karigbe@dchfa.org