DHCD Financing to Preserve and Produce Affordable Housing Units in Wards 7 and 8

Washington – RealEstateRama – The D.C. Department of Housing and Community Development (DHCD) has provided financing to construct 166 new affordable housing units in Ward 7 and preserve 59 affordable units in Ward 8.

“It’s an exciting moment to provide resources that help preserve affordable housing,” said Interim DHCD Director Drew Hubbard. “These projects help fulfill our goal for affordability but will also give some residents an opportunity to stay in the District.”

Kenilworth Revitalization 1 JV LLC, a joint venture of The Michaels Organization, The Warrenton Group and the DC Housing Authority, received more than $16.9 million in financing from the Housing Production Trust Fund (HPTF) and a $2.8 million of low-income housing tax credits (LIHTC) for the construction of 166 affordable housing units at 1514-1516 Kenilworth Avenue NE in Ward 7.

The development will consist of one four-story senior rental apartment building, one four-story multifamily rental apartment building, and fifty-nine (59) townhouse and stacked-flat units. The project will include a range of unit sizes from one- (1) to five- (5) bedrooms. Forty (40) units will be available for households earning at or below 30% of Median Family Income (MFI) and the remaining units will be for households at or below 50% AMI.

Construction is estimated to be completed by Fall 2023.

Cascade Park Community Partners II LLC, a joint venture between Dantes Community Partners and H Street Community Development Corporation, received $10.3 million in HPTF financing and a $562,000 in LIHTC for the rehabilitation of 59 affordable housing units at Cascade Park Apartments, at 4232 4th Street SE in Ward 8. This is the second phase of a twin 9%/4% LIHTC project. The first phase includes the rehabilitation of seventy-three (73) units. Both phases will be managed as a single property after construction completion.

Nine (9) units will be affordable to households with incomes at or below 30% of MFI; 31 units for households at or below 50% MFI; 15 units for households at or below 60% MFI; and four units for households at or below 80% MFI.

Construction is estimated to be completed by Fall 2023.

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