DCHFA Provides $11M Loan for Senior Community
- Jan 19, 2018
The D.C. Housing Finance Agency (DCHFA) has issued $11.1 million in bond financing for the construction of 1164 Bladensburg Apartments, a 65-unit senior housing community in northeast Washington, D.C. The project is being developed by Neighborhood Development Co., Tennyson Ventures and The Ardent Co.
The property is located at 1164 Bladensburg Road, N.E., adjacent to the U. S. National Arboretum. The development will comprise senior housing units reserved for seniors of Ward 5’s Trinidad neighborhood, with 52 of the units being reserved for senior residents with incomes 50 percent of area’s median income or below. The remaining 13 units will be leased to seniors earning 30 percent of AMI or below.
Near H Street Corridor
“With its proximity to the thriving H Street corridor, Trinidad has become a sought-after neighborhood. The construction of 1164 Bladensburg Apartments will give seniors access to the community’s amenities at rental rates that are affordable,” said Todd Lee, executive director & CEO of DCHFA, in prepared remarks.
On top of the DCHFA financing, the D.C. Department of Housing and Community Development’s (DHCD) Housing Production Trust Fund will provide a $10.8 million loan for the construction of the five-story building. Moreover, Enterprise Community Investment Inc. will contribute with $6.9 million in equity raised through the syndication of Low Income Housing Tax Credits (LIHTC).
Rendering courtesy of Rd Grimm and Parker