Nearly $40m secured for affordable housing project in Washington, DC

Nearly $40m secured for affordable housing project in Washington, DC

Published at: 2019-08-08 17:13 | Author: CIJ USA
The NHP Foundation, the Warrenton Group and the Washington Metropolitan CDC have secured $38m in financing for the construction of Strand Residences. The 86-unit affordable housing project is located in the Deanwood neighborhood of Washington, DC. The property will encompass 71 one- and 15 two-bedroom units, with 28 units set aside for residents who earn less than 30 percent of the area median income. The first floor will house retail space and a neighborhood nonprofit.

The DC Housing Authority contributed operating subsidies for the 28 units through its Local Rent Supplement Program. The District of Columbia Office of the Deputy Mayor for Planning and Economic Development, meanwhile, invested $15.6m in financing from the District’s New Communities Initiative, and the DC Housing Finance Agency allocated $19.5m of tax-exempt bonds for the project. Other financing partners include Enterprise Community Partners, Citibank and JLL.

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