Community

HPTF Financing to Preserve Affordable Housing for Residents in Wards 4, 7

The D.C. Department of Housing and Community Development recently closed on three loans totaling more than $6.9 million to preserve 64 units of affordable housing in Wards 4 and 7.

In two cases, tenant associations exercised the Tenant Opportunity to Purchase Act to purchase the properties, with financing provided through the Housing Production Trust Fund (HPTF). Approximately 83 percent of units will be set aside for households making $59,000 or less a year.

“One priority of the Bowser administration is ensuring that we preserve the existing affordable housing in the District, and the Housing Production Trust Fund provides the critical gap financing to make this possible,” said DHCD Director Polly Donaldson. “Thanks to the Fund, and laws like the Tenant Opportunity to Purchase Act, we will preserve 64 units of affordable housing, representing over 140 District residents.”

DHCD provided $1,395,086 in HPTF financing to a subsidiary of Mi Casa, Inc. to preserve 12 units of affordable housing at 5400 5th Street NW in the Brightwood Park neighborhood of Ward 4.

The New Beginnings Tenant Association assigned its TOPA rights to Mi Casa in early 2017. All units have two bedrooms and one bath and will be designated as follows: (1) five units at or below $35,160 (30 percent of the 2018 Median Family Income [MFI] based on a family of four); (2) four units at or below $58,600 (50 percent MFI) and three units at or below $93,760 (80 percent MFI).

The Ben-E Group Cooperative Association, Inc., received $2,517,596 in HPTF financing for the acquisition of two adjacent buildings at 4701 Benning Road SE and 4447 E Street SE in Ward 7. The cooperative, mostly consisting of longtime Ward 7 residents, invoked TOPA rights to acquire the 29 total units in the two buildings — consisting of 14 two-bedrooms, 14 one-bedrooms and one studio. The cooperative plans to preserve affordability as follows: (1) 25 units at or below $58,600 (50 percent MFI); (2) three units at or below $35,160 (30 percent MFI); and (3) one unit at or below $70,320 (60 percent MFI).

“On behalf of the Ben-E Group Cooperative, we are truly thankful that DHCD believed in us, helped us to stay in our homes and is a major factor in our progress,” said Shalon Wooden, the cooperative’s president.

301 Delafield NW, LLC received $2,996,612 in HPTF financing to preserve a 23-unit building at 301 Delafield Place NW, also in Brightwood Park. The property is slated for comprehensive renovations as part of the Mi Casa Low Income Housing Tax Credit (LIHTC) pool, and the loan will be used to fund eligible predevelopment and acquisition costs. The units’ affordability mix will be as follows: (1) seven at or below $35,160 (30 percent MFI); (2) nine at or below $58,600 (50 percent MFI); and (3) seven at or below $93,760 (80 percent MFI).

Tags
Show More

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, http://www.washingtoninformer.com. 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: