About

Project

Petworth Station – Ward 4

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Multi-Family Development Program
Project Type
HUD Risk Share
Project Type

Project

  • Rehabilitation
  • 88 affordable apartment homes reserved for residents earning 60% or less of the area median income
  • Total development cost: $25 million
  • DCHFA issued $12.5 million in tax exempt bond financing and underwrote $7 million in Low Income Housing Tax Credits for the rehabilitation of 78 existing units and the construction of 10 new apartment homes
  • Bond financing was secured by HUD insured mortgage loas made under DCHFA’s Level I 50/50 Risk Share Program
  • Members of the Randolph Street Tenant Association exercised their rights under the Tenant Opportunity to Purchase Act
  • Developer: WC Smith & Company, Inc.