DCHFA Closes out April by Funding Senior Affordable Housing in Petworth
Washington, D.C. — The District of Columbia Housing Finance Agency (DCHFA) closed out the month of April with a second deal closure within a week. On April 29 DCHFA issued $7.1million in tax exempt bonds and underwrote $3.7 million in four percent low income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of Spring Flats Senior in the Ward 4 neighborhood of Petworth. “Affordable housing for the District’s senior residents is critical to allow them to age in place in the city that they have called home for decades. The rehabilitation of Spring Flats Senior in Petworth will give the residents access to an amenity rich neighborhood,” stated Christopher E. Donald, DCHFA Interim Executive Director. DCHFA is committed to the inclusion of affordable senior developments in its pipeline. Spring Flats Senior is third development the Agency has financed in Fiscal Year 2020 (Karin House -Building 17 at Walter Reed and Todd A. Lee Senior Residences at Kennedy Street).
Spring Flats Senior is a $29.1 million adaptive reuse of the historic Hebrew Home to create 88 affordable age‐restricted (62 and above) apartments. Forty-three of the total units are financed by DCHFA and will include 36 one‐bedroom and 7 two‐bedroom apartments reserved for tenants at 50 percent of area median income or less. Additional funding for the development has been provided through a $4.1 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund and $10.1 million in nine percent LIHTC equity for the remaining 45 units in the development.
Property amenities will include community & fitness rooms and onsite property management. The building will be certified LEED Gold. The development team for Spring Flats Senior will consist of Victory Housing, Inc., Brinshore Development, LLC and Banc of America Community Development Corporation.
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 A+ rated issuer, serving Washington, D.C.’s residents for 40 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.