DHCD Financing to Preserve 200 Affordable Rental Units in Wards 7 and 8

Washington – RealEstateRama – The D.C. Department of Housing and Community Development (DHCD) has provided financing to preserve more than 200 affordable housing units in Wards 7 and 8, made possible by generous and historic annual contributions to the Housing Production Trust Fund (HPTF) by Mayor Muriel Bowser.

“Projects like this one are key to preserving affordable units, as we continue to make strides to in overall number of affordable housing units available to district residents, and continue to work towards the goal of 12,000 new affordable units by 2025. In that vein, we are thrilled to be part of the preservation of more than 200 homes,” said Acting DHCD Director Colleen Green.

VER Preservation Partners LLC, a partnership among National Housing Trust’s NHT Communities and IBF Development LLC, received $22 million in financing from the Housing Production Trust Fund (HPTF) for the rehabilitation of 16 apartment buildings in Wards 7 and 8. The project also received $15.5 million in from U.S. Department of Housing and Urban Development’s Community Development Block Grant (CDBG) program, an allocation of 4% federal low-income housing tax credits (LIHTC) administered by the DC Housing Finance Agency (DCHFA) and District of Columbia LIHTCs from DHCD which yielded a total of $39.7 million in equity.

The properties that will be rehabilitated include:

The units will be made affordable for households earning at or below 30% or up to 60% of the median family income (MFI). Forty-one (41) affordable units will be designated for permanent supportive housing (PSH).

For more information on affordable housing units available for rent or sale, please visit dchousingsearch.org.