Projects Also Will Offer Supportive Services, Allow Tenants to Buy/Rebab Building Under TOPA
The DC Department of Housing and Community Development (DHCD) closed two loan agreements totaling more than $7.5 million that will help preserve more than 60 affordable rental housing units — capable of housing over 150 residents — in Wards 1 and 8. The funding was made available through the Housing Production Trust Fund (HPTF).
“As our city grows and prospers, we use all the tools at our disposal to preserve our existing affordable housing stock. Gap financing from the Housing Production Trust Fund helps make that happen,” said DHCD Director Polly Donaldson. “This financing will allow a nonprofit developer, as well as a tenants association, to maintain safe and affordable homes for residents in Wards 1 and 8.”
DHCD provided So Others Might Eat (SOME), a nonprofit community development organization, with $4.9 million in HPTF financing for the acquisition and preservation 36 affordable rental housing units at 1433 – 1435 Spring Road NW. The project was also provided $587,577 in 4% Low Income Housing Tax Credits. As a result of this financing, SOME will be able to provide supportive services for 36 families. The units will be available for households at or below 30 percent of the Area Median Income (AMI) and remain affordable for no less than 40 years.