DCHFA Funds Construction of DC Affordable Housing
The community will serve residents earning 30 percent to 50 percent below the area median income.
The District of Columbia Housing Finance Agency has financed the $118 million construction of The Paxton, a 148-unit affordable housing community located in Washington D.C.’s Ward 7 district. Foulger-Pratt is developing the project in a partnership with Enduring Affordable Housing Corp. Hickok Cole Architects is designing the community, which is scheduled for completion before 2025.
DCHFA’s funding of the development and construction of the community came by way of $46.92 million in tax-exempt bonds, $42.02 million in low-income housing tax credits and a $29.02 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development.
After completion, The Paxton will feature 159,617 square feet of efficiency, one-, two and three-bedroom apartments for residents earning 30 percent to 50 percent below the area median income. Community amenities will include a clubhouse, a fitness center, a business center, storage lockers and concierge services. Residents will have access to education, employment and mentoring services, as well as functions for entrepreneurial development and community connection provided through Community of Hope. The development will be situated along D.C.’s H Street Corridor, placing it within 2.5 miles of downtown D.C. and close to many of the district’s shops and restaurants.
Remedying an affordable housing shortage
The funding and planning of The Paxton takes place as the nation as a whole experiences a shortage of affordable housing, exacerbated by many losing their jobs due to pandemic-era shutdowns and severe supply-demand discrepancies. D.C., for its part, is seeing a shortage of 5,220 affordable units and aims to remedy this through the production of 12,000 units by 2025, according to data from the 2019 D.C. Housing Equity Report. Other affordable housing-related undertakings in the D.C. area include Terrace Manor, a 130-unit fully affordable project, in addition to Somerset Development Co. and Jonathan Rose Cos.’ joint refinancing of a 125-unit community under development.
DCHFA Executive Director & CEO Christopher Donald said in a prepared statement it is more important than ever now to continue to finance deeply affordable housing for those earning below 50 percent and 30 percent AMI. This project will ensure that D.C. residents can continue to live in the city they’ve always called home and be able to do so affordably, Donald added.