New Affordable Housing Community for Seniors Opens in D.C.
- Aug 02, 2012
Washington, D.C.—Banc of America Community Development Corp. (BACDC) and Victory Housing Inc. recently celebrated the opening of Victory Square, an affordable housing development for seniors in Washington, D.C.
Victory Square features 98 units for people over 55 years old, including 35 apartments reserved for people with very low incomes, and 63 apartments for people with moderate incomes. The apartments are a mix of one and two-bedroom units, ranging in size from 650 square feet to 1,016 square feet. Residents who make very low income will pay 30 percent of their incomes for rent and utilities, and residents with moderate incomes will pay rents ranging from $775 to $960.
The community was designed by architects Grimm+Parker of Calverton, Md. The general contractor is Hamel Builders Inc. of Elkridge, Md. Victory Square has a clean, contemporary design. Amenities include a fitness and wellness center, arts and crafts room, library and hair salon.
Another appealing aspect of Victory Square is its convenient location near transportation.
“We are truly excited about this project and its close proximity to the metro,” Maurice Perry, senior vice president, BACDC, tells MHN. “There is a such a need in the District for affordable housing units near transportation as the vast majority of housing being developed in a transit oriented area tends to be high-end market rate.”
The District of Columbia Housing Authority made a $5 million loan and will continue to provide rental and operating subsidies for the public housing units. The District’s Department of Housing and Community Development provided a $3.67 million loan and $2.48 million in federal stimulus through its Housing Production trust Fund.
Additionally, Bank of America provided tax-exempt bond financing with a $7.13 million construction loan and a $1.37 million permanent loan.
“Banc of America Community Development Corporation is committed to building quality affordable housing in low and moderate income communities across the country and Victory Square is an excellent example of this support in the Greater Washington area,” Perry says. “Through projects such as these, the bank is proud to be recognized by the industry as one of the nation’s largest, most active affordable housing lenders.”