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Washington, D.C., Dec. 13, 2023 (GLOBE NEWSWIRE) -- On December 1, 2023, the District of Columbia Housing Finance Agency (DCHFA) closed its first affordable housing investment of FY 2024 with the issuance of $59.6 million in tax exempt bonds and underwrote $44.8 million in federal and $8.8 million in D.C. Low Income Housing Tax Credit equity for the construction of Edgewood Commons V Apartments (435 Edgewood St NE). The new Ward 5 senior community will consist of 151 apartments. “DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much needed apartments for seniors,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. In August 2023 the Agency invested $54.7 million in tax exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments both of which are components of Edgewood Commons. Financing sources for Edgewood Commons V include a $26.5 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund.

Edgewood Commons V Apartments (ECVA) will be a nine-story $123 million high-rise with 11 efficiency, 135 one-bedroom, and five two-bedroom units. The building will be restricted to senior residents aged 62 and older, earning 30 percent and 50 percent of area median income (AMI) or less. Ninety-six of ECVA’s units will be restricted to residents earning 30 percent AMI or less. Of the 96 units restricted to residents earning 30 percent AMI or less, 56 will be receiving Local Rent Supplemental Program project-based subsidy. Sixteen units out of the 56 units will also be permanent supportive housing units restricted to 30 percent AMI. The remaining 40 units at 30 percent of AMI will receive a rent subsidy through Rental Assistance Demonstrations (RAD) for Project Rental Assistance Contact (PRAC). Additionally, 10 units at 50 percent of AMI will benefit from RAD for PRAC rent subsidies. The remaining 44 units at 50 percent of AMI are unsubsidized.

The units will include universal design features to prevent falls and facilitate aging in place. All units will be fully accessible, and bathrooms will have direct access to bedrooms. In addition to accessible bathrooms, each unit will include pull-cords and grab bars. ECVA will also include a 6,500 square foot adult day care located on the ground floor operated by Easterseals. Easterseals provides daily clinical care, supervision, activities, and curb-to-curb transportation for adults, seniors, and veterans.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation

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Washington, D.C., Oct. 04, 2023 (GLOBE NEWSWIRE) -- On September 28, 2023, the District of Columbia Housing Finance Agency (DCHFA) made its nal affordable housing investment of FY 2023 with the issuance of $46.2 million in tax exempt bonds and underwrote $49.4 million in federal Low Income Housing Tax Credit equity for the construction of Carl F. West Estates (1370 Harvard St NW). The new Ward 1 community will consist of 179 units reserved for seniors and grandfamilies. “DCHFA is proud to add another grandfamily development to the agency’s robust investment portfolio. We are continuing to address the need for senior housing and housing with supportive services for grandparents raising their grandchildren,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. “We have had a very active September of deal closings and adding more affordable housing in Ward 1 is a great way to end the scal year.”

Carl F. West Estates (CFW Estates) will be the District’s third grandfamily housing community. Plaza West was the rst affordable grandfamily development in D.C. It opened in 2018 and is in Ward 6. DCHFA provided $44.1 million in tax exempt bond nancing for the project. On September 7, 2023, DCHFA issued $25.9 million in tax exempt bonds for the construction of H.R. Crawford Gardens, the District’s second grandfamily development which will be constructed in Ward 7. Additional nancing for CFW Estates is being provided by the DC Department of Housing and Community Development in the form of a $49.5 million loan from the Housing Production Trust Fund. The bonds are secured by HUD insured loans made under DCHFA’s Level I 50/50 Risk Share Program.

The National Council on Black Aged Housing Development Corporation of the District of Columbia and DMA Development Company LLC are the developers of CFW Estates, a $134.4 million project. The community will consist of 12 efciency units, 110 one-bedroom units, 53 two-bedroom units, and four three-bedroom units. One hundred forty-three units will marketed to traditional active senior (55+) households and 36 units will be marketed to seniors who are primary caregivers for their grandchildren (also known as grandfamilies). In CFW Estates’ nine-story elevator-serviced high-rise building 43 apartments will be leased to tenants earning 30 percent of the area median income (AMI), 119 units at 50 percent and 17 at 80 percent AMI units. Twenty-ve of the 30 percent AMI units will benet from the Local Rent Subsidy Program, of which 18 units will be set-aside as Permanently Supportive Housing (PSH) for formerly homeless seniors. Supportive services will be provided by Miriam’s Kitchen, for PSH and active adult tenants. There will be a full-time social service coordinator that will develop and coordinate service programs for the senior population, as well as grandfamilies.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-prot and non-prot developers low-cost predevelopment, construction and permanent nancing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efcient and effective sources of capital available in the market to nance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation