WC Smith JV Lands $95M for DC Affordable Housing Project
The 130-unit development will be set aside for individuals earning at or below 60 percent of the area median income.
Terrace Manor. Image courtesy of DCHFA
A joint venture between WC Smith and Anacostia Economic Development Corp. has landed $37 million in tax-exempt bonds and $33.8 million in LIHTC equity from The District of Columbia Housing Finance Agency, for the development of the fully affordable Terrace Manor in Washington, D.C. All 130 units of the project will be set aside for individuals earning at or below 60 percent of the area median income.
HUD-insured mortgage loans made under DCHFA’s Level I Risk Share Program secured the bond financing for Terrace Manor. Additional financing includes a $24.5 million HPTF loan from the DC Department of Housing and Community Development.
The construction site previously comprised 12 vacant buildings with 61 units. Terrace Manor will have 75 one-bedroom units, 47 two-bedroom units and eight three-bedroom apartments. Amenities are expected to include a community room, fitness center and business center. Free garage parking, bike storage and enhanced security measures will also be available. In addition, residents will have access to a Skyland Workforce Center, midnight basketball at THEARC as well as shuttles to the Village of Parkland Splash Park.
An affordable option southeast of downtown DC
Located at 3347 23rd St. SE within Ward 8’s Randle Heights neighborhood, the community will be some 8 miles southeast of downtown D.C. Several transportation, retail, dining and entertainment options will also be within a 1-mile radius of the upcoming community.
A total of 14 units are slated to be designated Permanent Supportive Housing and are expected to receive Local Rent Supplement vouchers through the DC Housing Authority. These units will be set aside for individuals earning 30 percent or less of the area median income. Support services provided by the D.C. Department of Human Services and Community Connections DC will also be made available to these residents.
Recently, a new study by the National Multifamily Housing Council and National Apartment Association showed that the U.S. needs to build 4.3 million new apartments by 2035 to meet demand, and address deficit and affordability. Between 2015 and 2020, roughly 4.7 million affordable units were lost across the U.S.
