CommunityLocal Business

D.C. Affordable Housing Complex to be Renovated, Preserved

A nonprofit will grow its affordable housing portfolio by preserving affordable units near Anacostia in southeast D.C.

The NHP Foundation (NHPF) has acquired Woodmont Crossing, a 176-unit apartment complex for low-income residents, and will invest $42,000 per unit to renovate and upgrade the kitchens and bathrooms in every apartment.

Once the renovations are complete, the two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income, with 5 percent of the units being totally accessible for those with disabilities.

This is will the first time since 2002 that Woodmont Crossing, a complex on Good Hope Road in Southeast, will have been renovated.

NHPF partnered with the Woodmont Crossing United Tenants Association to purchase the building under the city’s Tenant Opportunity to Purchase Act, commonly known as TOPA. The D.C. Housing Finance Agency financed the purchase.

Of the $44.6 million transaction, DCHFA provided $25.5 million in financing, while Royal Bank of Canada provided another $12.1 million.

NHPF is a national nonprofit dedicated to preserving and creating affordable multifamily housing. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 46 properties, including 7,969 units, in 15 states and the District of Columbia.

“We were selected by the tenants because of willingness to jointly create a vision of the future of Woodmont Crossing, our mission of providing service enriched housing, and our track record of getting developments done,” said Neal Drobenare, NHPF’s senior vice president of acquisitions.

Woodmont Crossing will be NHPF’s fifth TOPA project in the District.

“We had a tight deadline on this project and DCHFA and RBC got us closed in six months from start to closing,” Drobenare said. “As a TOPA purchase, if we had not closed on time, the property would have gone back to the original contract purchaser.”

The NHP Foundation’s four previous TOPA projects in the D.C. area are Takoma Place, Parkchester, Benning Heights and Anacostia Gardens.

“In NHPF we found a partner who understands our community and what is needed to provide long term benefits to our residents,” said Chaiko Lewis, president of the Woodmont Crossing United Tenants Association. “NHPF will maintain our rents and perform in-place renovations that work with our schedules.”

Show More

Tatyana Hopkins – Washington Informer Contributing Writer

Tatyana Hopkins has always wanted to make the world a better place. Growing up she knew she wanted to be a journalist. To her there were too many issues in the world to pick a career that would force her to just tackle one. The recent Howard University graduate is thankful to have a job and enjoys the thrill she gets from chasing the story, meeting new people and adding new bits of obscure information to her knowledge base. Dubbed with the nickname “Fun Fact” by her friends, Tatyana seems to be full of seemingly “random and useless” facts. Meanwhile, the rising rents in D.C. have driven her to wonder about the length of the adverse possession statute of limitations (15 years?). Despite disliking public speaking, she remembers being scolded for talking in class or for holding up strangers in drawn-out conversations. Her need to understand the world and its various inhabitants frequently lands her in conversations on topics often deemed taboo: politics, religion and money. Tatyana avoided sports in high school she because the thought of a crowd watching her play freaked her out, but found herself studying Arabic, traveling to Egypt and eating a pigeon. She uses social media to scope out meaningful and interesting stories and has been calling attention to fake news on the Internet for years.

Related Articles

Leave a Reply

Back to top button

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Adblock Detected

Please consider supporting us by disabling your ad blocker
%d bloggers like this: