The District of Columbia Housing Finance Agency has financed the development of a $100 million affordable housing project in Columbia Heights neighborhood of Washington, D.C.
Last week, DCHFA issued $48.3 million in tax-exempt bonds, and underwrote $34.9 million in federal and $6.8 million in DC Low Income Housing Tax Credit equity for the construction of Harvard Court Apartments, a 108-unit multifamily community.
The development team includes The NHP Foundation, Columbia Heights Village Tenants Association and Change All Souls Housing Corp.
Located at 1425 Harvard Street NW, Harvard Court Apartments will feature one-, two- and three-bedroom apartments designated for residents at the 30 and 50 percent Area Median Income levels. About one-fifth of the units will be designated as Permanent Supportive Housing units under the Local Rent Supplement Program.
A community room/clubhouse and fitness room are among the building’s amenities. An underground parking garage will feature 85 spaces, 65 of which will be designated for Columbia Heights Village Apartments to replace surface lot parking previously available on the site where Harvard Court will be constructed.
Insured loans
The bonds issued by DCHFA are secured by HUD-insured loans made through DCHFA’s Level 1 50/50 Risk Share Program. Additional financing for the Harvard Court development was provided by a $24.3 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund.
Other major developers are eyeing affordable housing opportunities in the capital. Two weeks ago, Jonathan Rose Cos. announced the closing of its Affordable Housing Preservation Fund VI after reaching $660 million in investment, marking the largest investment vehicle the company had ever raised. Capital is earmarked for acquisition, preservation and renovation of properties in markets including Washington, D.C.
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