DCHFA Financed Development Receives National Affordable Housing Commendation
WASHINGTON, D.C. – (RealEstateRama) — On April 14th the National Association of Local Housing Finance Agencies (NALHFA) honored the District of Columbia Housing Finance Agency with the HOME Excellence Award for The Hodge on 7th. The Hodge is a $27.64 million multifamily senior residence located at 1490 7 th Street NW, Washington, D.C.
The project was financed in part by DCHFA through its issuance of $13 million in long and short-term taxexempt bonds and $11.3 million of equity raised through the syndication of 4 percent low income housing tax credits. The project also received $6.3 million in subordinate HOME funds “The Agency takes great pride in being recognized by our peers for a project that is so impactful to the redevelopment of its neighborhood while maintaining affordability in the community,” stated Maria K. Day-Marshall, General Counsel for DCHFA, upon accepting the award.
The Hodge is an integral part of the City Market at O Street, the approximately one million square foot master development built around the National Register of Historic Places designated O Street Market, that includes roughly 90,000 square feet of retail space, a hotel, 90 affordable senior residential units (i.e., The Hodge), 400 market rate residential rental units, and an additional 145 resident-owned housing units.
The Hodge is an indispensable reflection of the larger $315 million development’s dedication to affordability and resident age diversity.
The development at the City Market at O Street was so emblematic of critical urban revitalization and economic development, that the Obama Administration designated the site as one of 14 national “high priority infrastructure projects” targeted for the streamlined deployment of federal resources, and one of only two such projects in the initiative assigned primarily to the U.S. Department of Housing and Urban Development.
The HOME Excellence Award was presented during NALHFA’s annual conference taking place last week in Dallas. For 34 years the National Association of Local Housing Finance Agencies has been an advocacy organization whose membership is comprised of professionals working to finance affordable housing in the broader community development context at the local level.
Through its Public Finance division, 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 was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. We accomplish our mission by offering below market rate mortgage loans to lower the homebuyers’ costs of purchasing homes and by issuing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing.
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Contact: Yolanda McCutchen
April 18, 2016 (202) 777-1650
