DCHFA closes out June with the financing of new affordable apartments in Ward 5
2024年7月4日 - 2:06AM
Washington, D.C. – On June 26, 2024, the District of Columbia
Housing Finance Agency (DCHFA) issued$29.7 million in tax exempt
bonds, underwrote $24.5 million in federal and $4.3 million in DC
Low Income Housing Tax Credit equity for the construction of One
Hawaii Apartments. The new $61 million Ward 5 development will
consist of 70 apartments comprised of 10 efficiency, 38
one-bedrooms, seven two-bedrooms, and 15 three-bedrooms. All
apartments will be reserved for residents earning 30-80 percent of
area median income. “The agency’s pipeline is active as evidenced
by One Hawaii Apartments, our second closing in the month of June,”
stated Christopher E. Donald, Executive Director/CEO, DCHFA. This
investment is an opportunity to bring beautiful, healthy, and
affordable homes to the Fort Totten neighborhood.” Additional
financing for the development is provided by a $22.5 million loan
from the DC Department of Housing and Community Development’s
Housing Production Trust Fund.
The One Hawaii Ave NE Tenants Association exercised its rights
under the Tenants Opportunity to Purchase Act and executed a
development agreement with Wesley Housing Development Corporation
of Northern Virginia to build this new community. One Hawaii
Apartments will contribute to the District’s green building goals.
The development will be designed to meet the Leadership in Energy
and Environmental Design (LEED) Platinum energy standards with both
a green roof and solar panels. To achieve LEED Platinum, the
developers will include triple-pane windows, a high-efficiency
central gas hot water system, and a HVAC heat recovery system all
of which can reduce energy consumption by residents, thereby
reducing their utility bills.
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