The District of Columbia Housing Finance Agency has financed the rehabilitation of Ridgecrest Village Phase I in Washington, D.C. The project’s phase I will feature the remodeling of six existing buildings in the property built in 1951. Ridgecrest Village will be converted from market-rate to affordable housing.
The agency issued $21.9 million in tax-exempt bonds and underwrote $16.83 million in D.C. and federal Low Income Housing Tax Credit equity. The NHP Foundation is serving as developer in Ridgecrest Village’s first renovation in nearly 30 years.
“One challenge this project faced was timing,” Tim Pryor, vice president of NHP Foundation, told Multi-Housing News. “It was very important for this project to close by the end of September, due to District financing obligations and the potential expiration of one of our acquisition loans at that time. DCHFA worked with DHCD and other financing sources to provide timely underwriting and approvals to get us across the finish line by our deadline.”
Ridgecrest Village features four one-bedroom, 96 two-bedroom and 40 three-bedroom apartments, with 20 apartments reserved for residents earning 80 percent or less of Area Median Income. Another 57 will be set aside for those earning up to 60 percent AMI, 35 for those earning up to 50 percent AMI, and 28 units designated Permanent Supportive Housing for residents earning 30 percent or less AMI.
The PSH apartments are eligible for Local Rent Subsidy Program vouchers and tenant services through Community of Hope. The NHP Foundation and general contractor Hamel Builders of Washington will coordinate the temporary three- to five-month relocation of current residents to other buildings on-site or to nearby properties in the neighborhood.
Among other initiatives, the renovation will include repairing exterior walls, replacing light fixtures, patching the parking lots, installing security screens and windows and constructing new sidewalks and ramps.
Interiors will be upgraded with vinyl flooring, new kitchen cabinets and fixtures, coat closets, upgraded bathrooms, new blinds, ceiling fans and energy-efficient lighting.
The $48.9 million project gained additional funding in the form of a $16.13 million loan through the D.C. Department of Housing and Community Development Housing Production Trust Fund. Upon completion, the apartment community will offer amenities that include playgrounds and meeting rooms. Earlier this week, Nuveen preserved affordability at Carver Terrace, another Washington, D.C. community.