DCHFA Advances Affordable Housing in Washington, D.C.
In a significant move to enhance affordable housing, the District of Columbia Housing Finance Agency (DCHFA) announced the financing for the second phase of the Barnaby & 7th development. This initiative is set to provide 229 affordable apartments in Ward 8, a step that reflects DCHFA's commitment to addressing housing needs for residents.
Investment and Collaboration in Community Development
The DCHFA recently issued $63 million in tax-exempt bonds, alongside underwriting $47.1 million in federal funds and $10.4 million in Low-Income Housing Tax Credit equity. This funding is crucial for the construction of the second phase at Barnaby & 7th, formerly known as Belmont Crossing. Christopher E. Donald, the Executive Director and CEO of DCHFA, commented, "DCHFA is fully invested in the development of beautiful, healthy, and affordable homes for the District’s residents. We are proud to continue the Agency’s relationship with Gilbane Development and its team to transform this community."
A Community-Centric Approach
The first phase of Barnaby & 7th was initiated with a prior investment where DCHFA issued $48.8 million in tax-exempt bonds to support the construction of 169 apartments. A significant aspect of these developments is the active participation of the residents, who exercised their Tenant Opportunity to Purchase Act (TOPA) rights. This collaboration with the development team was instrumental in arriving at a mutually agreeable redevelopment plan for the community.
Details of the New Development
The Barnaby & 7th Phase II project will encompass four newly constructed buildings that include 39 efficiency units, 70 one-bedroom apartments, 87 two-bedroom units, and 11 three-bedroom residences. This configuration addresses the growing demand for family-size apartments within the community, with unit availability reserved for residents earning 30%, 50%, and 80% of the area's median income. Notably, one building is earmarked as 100% permanent supportive housing (PSH) for individuals who have experienced homelessness, complete with on-site support services for residents.
Financing for Growth
In addition to DCHFA's investment, the DC Department of Housing and Community Development is providing additional support with a $42.9 million loan from the Housing Production Trust Fund. This collaborative effort underscores the government's commitment to fostering affordable housing within the district.
Ongoing Contributions of DCHFA
DCHFA has a long-standing tradition of facilitating affordable housing solutions through its Multifamily Lending and Neighborhood Investment divisions. With the capacity to issue tax-exempt mortgage revenue bonds, DCHFA helps reduce costs for developers, enabling the construction, acquisition, and rehabilitation of vital rental housing across the District.
The Agency stated, "The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for 45 years. Our mission is to advance the District's housing priorities by investing in affordable housing and neighborhood development. We aim to provide pathways for D.C. residents to transform their lives." DCHFA continues to operate guided by core values that emphasize leadership, excellence, community focus, integrity, collaboration, and innovation.
Frequently Asked Questions
What is the purpose of the Barnaby & 7th Phase II development?
The purpose of the development is to provide 229 affordable apartments to meet the housing needs in Ward 8 of Washington, D.C.
Who is involved in the development of Barnaby & 7th Phase II?
The developers include Gilbane Development Company, MED Developers, Equity Plus Manager LLC, and Housing Help Plus.
What types of apartments will be available?
The development will offer efficiency, one-bedroom, two-bedroom, and three-bedroom apartments, accommodating families at varying income levels.
What support services will be available for residents?
Services will include on-site support for residents in the designated permanent supportive housing, aimed at assisting those who have experienced homelessness.
How does DCHFA support affordable housing initiatives?
DCHFA facilitates affordable housing through tax-exempt mortgage revenue bonds and provides low-cost financing for construction and rehabilitation projects.
