Mayor Bowser Makes a Historic Investment of $138 Million in Affordable Housing

As FY2017 Comes to a Close, Mayor Bowser Highlights Unprecedented Investments in Affordable Housing for District Residents in All Eight Wards

(WASHINGTON, DC) – (RealEstateRama) — Mayor Bowser highlighted more than $138 million in investments from the Housing Production Trust Fund (HPTF) in fiscal year 2017, which ended on September 30. The HPTF investments support 23 projects that will produce or preserve more than 1,900 affordable housing units throughout the city. Since coming into office, the Bowser Administration has sparked the creation or preservation of more than 8,400 affordable units, with another 3,700 units in preconstruction.

“Last year, we established a new benchmark when we were able to get $106 million out the door for affordable housing projects, and this year we did even better,” said Mayor Bowser. “As our city continues to grow and prosper, my Administration will remain laser-focused on ensuring residents of all backgrounds and income levels have access to safe and affordable places to live in all eight wards.”

Projects financed through HPTF financing represent several ways that the District produces and preserves affordable housing, such as rehabilitation, new construction, refinancing, acquisitions, and supporting tenants’ rights to buy their buildings through the Tenant Opportunity to Purchase Act (TOPA).

“On day one, Mayor Bowser charged me with making affordable housing a priority so that people who want to live in the District can do so,” said Deputy Mayor Kenner. “These historic investments in affordable housing show that we are fulfilling this commitment and we will continue to deliver affordable housing units in all areas of the city.”

Since January 2015, the District has invested more than $276 million in HPTF financing, which has funded the production or preservation of more than 3,300 affordable units that can house more than 7,200 residents. In fiscal year 2017, four new construction projects received more than $54.1 million in HPTF financing, which will produce approximately 370 affordable housing units. Nineteen rehabilitation projects and TOPA purchases received more than $84.4 million in financing and will preserve more than 1,100 affordable housing units. In fiscal year 2016, new construction projects received in excess of $70.7 million in financing, which produced nearly 800 affordable housing units. Rehabilitation projects and TOPA purchases received more than $25.6 million in financing, which preserved more than 300 affordable housing units.

“After releasing the final report from the Housing Preservation Strike Force, we knew that preservation would be a critical part of our investment strategy,” said Director Donaldson. “Thankfully, the Housing Production Trust Fund gives us the flexibility and leverage to provide gap financing for new construction projects and help tenants who want to exercise their TOPA rights.”

Since coming into office, Mayor Bowser has committed $100 million annually to the fund – more than any city per capita in the country.

Projects that received HPTF Financing in FY 2017:

Building 25 Unity, 25 Kennedy Street, NW in Ward 4 ($0.99 million HPTF):Refinancing and debt consolidation from a prior loan agreement by tenants who invoked their TOPA rights in 2006. Developer: Building 25 Unity Cooperative/Mi Casa Inc.

Benning Heights Apartments, 4806 Alabama Avenue, SE in Ward 7 ($5.01 million HPTF): Acquisition and rehabilitation of 16 apartment buildings. All 148 units will be affordable for households earning up to 60 percent area median income (AMI). Developer: NHP Foundation.

Maple View Flats, 2228 Martin Luther King Jr. Avenue, SE in Ward 8 ($17.48 million HPTF): New construction of a 114-unit apartment building that will create 17 affordable units for households earning up to 50 percent AMI and 97 units for households earning up to 60 percent AMI. Developer: Chapman Development.

South Capitol Multifamily Building, 4001 South Capitol Street, SW in Ward 8 ($25.13 million HPTF): New construction of a 195-unit apartment building that will create 78 affordable units for households earning up to 30 percent percent AMI, 78 for households at 50 percent AMI and 39 units for households earning up to 60 percent AMI. Developer: Michaels Development Company.

Glenn Arms, 2524 17th Street, NW in Ward 1 ($1.67 million HPTF): Rehabilitation of two apartment buildings that will preserve 57 affordable units for households earning up to 60 percent AMI. Developers: Glenn Arms Preservation LP.

Square 769N, 1100 2nd Place, SE in Ward 6 ($1.85 million HPTF): New construction of 36 affordable units for households earning up to 30 percent AMI and 27 units up to 60 percent AMI. Developers: Mid-City Urban LLC, Forest City Residential Inc., DC Housing Authority (DCHA).

United 2nd Street Tenant Association, 3719 2nd Street, SE in Ward 8 ($2.63 million HPTF): The tenants received funding to purchase and rehabilitate their 25 unit building through TOPA. Developers: Mi Casa Inc.

SOME – Spring Road, 2613 Bladensburg Road, NE in Ward 5 ($4.90 million HPTF):Rehabilitation of an apartment building that will preserve 36 affordable units for households earning up to 30 percent AMI. Developers: SOME Inc.

Hanover Court, 2412 Hartford Street, SE in Ward 8 ($2.88 million HPTF): The tenants received funding to purchase their 74 unit building through TOPA. Developers: Mi Casa Inc.

4040 8th Street, NW in Ward 4 ($3.37 million HPTF). The tenants received funding to purchase their 20 unit building through TOPA. Developer: Mi Casa Inc.

Residence at Minnesota Gardens Cooperative, 3501 Minnesota Avenue, SE in Ward 7 ($3.9 million HPTF): The tenants received funding to purchase their 48 unit building through TOPA. Developer: Community Development Solutions.

Hedin House, 2900 Newton Street, NE in Ward 5 ($1.13 million HPTF): Rehabilitation of an apartment building that will preserve 48 affordable units for households earning up to 60 percent AMI. Developer: Housing Up.

53 Missouri Avenue, NW in Ward 4 ($1.3 million HPTF): The tenants received funding to purchase and rehabilitate their two buildings to preserve 10 affordable units through TOPA. Developer: Mi Casa Inc.

The Kingston, 614 Longfellow Street, NW in Ward 4 ($2.92 million): The tenants received funding to purchase and rehabilitate their building to preserve 23 affordable units through TOPA. Developer: Hampstead Kingston Partners LP.

HOPE Cooperative, 1445 Spring Road, NW in Ward 4 ($1.53 million HPTF): The tenants received funding to purchase and rehabilitate their building to preserve 15 affordable units through TOPA. Developers: HOPE Cooperative Association/Latino Economic Development Corporation.

7440 Georgia Avenue, NW in Ward 4 ($3.10 million HPTF): The tenants received funding to purchase and rehabilitate their building to preserve 21 affordable units through TOPA. Developer: Diversity Tenants Association.

4300 12th Street, SE in Ward 8 ($9.7 million HPTF): New construction of 26 permanent supportive housing units. Developer: Department of General Services (DGS).

East River Preservation Partners LLC, 305 37th Street, SE in Ward 7 ($6.43 million HPTF):  Tenants assigned their TOPA rights to the developer to purchase and rehabilitate 16 apartment buildings to preserve 202 affordable housing units. Developer: NHT-Enterprise/IBF Development.

1847 Good Hope Road, SE in Ward 8 ($1.77 million HPTF): Tenants assigned their TOPA rights to the developer to purchase and rehabilitate their building to preserve 18 affordable housing units. Developer: Mi Casa Inc.

Mass Place, 1111 Massachusetts Avenue, NW in Ward 2 ($10.74 million HPTF):Tenants assigned their TOPA rights to the developer to purchase and rehabilitate their building to preserve 160 affordable housing units. Developer: NHT-Enterprise/1111 Massachusetts Avenue Tenants Association Inc.

Hilltop Apartments, 908 Eastern Avenue, NE in Ward 7 ($12.92 million HPTF):Tenants assigned their TOPA rights to the developer to purchase and rehabilitate their building to preserve 18 affordable housing units. Developer: Mi Casa Inc.

Takoma Place, 6676 Georgia Avenue in Ward 4 ($13.71 million HPTF): The tenants received funding to purchase their 105 unit building through TOPA. Developer: NHP Foundation.

Fort Stevens Place Apartments, 1339 Fort Stevens Drive, NW in Ward 4 ($3.42 million HPTF): Rehabilitation of an apartment building that will preserve 54 affordable units for households earning up to 60 percent AMI. Developers: Fort Stevens Place LLC.