Investment Boosts Affordable Senior Housing Solutions in D.C.
DCHFA's Commitment to Affordable Senior Housing
In an impressive move to support the community, the District of Columbia Housing Finance Agency (DCHFA) announced funding that aims to contribute to the affordable senior housing sector. This exciting initiative highlights the agency's dedication to improving the quality of life for seniors, particularly in rapidly developing neighborhoods.
Funding Overview for Wagner Senior Residences
Recently, DCHFA took a significant step by issuing an impressive $22.6 million in tax-exempt bonds. This financial support also encompassed $17.2 million in federal funds and an additional $3.6 million in local Low-Income Housing Tax Credit equity. These investments are earmarked for the construction of Wagner Senior Residences, which are located at 2419 25th St SE. The Executive Director and CEO of DCHFA, Christopher E. Donald, expressed pride in this venture, emphasizing its essential role in not only providing housing but fostering community growth. The total investment for the project amounts to $47.6 million, underscoring the scale and importance of this initiative.
Developers Behind the Initiative
Wagner Senior Residences is being developed by Justice Housing in collaboration with the Miller Group. Designed to accommodate the needs of low-income seniors, this five-story building will feature a mix of apartment types, including six studio spaces, 58 one-bedroom units, and three two-bedroom apartments. The criteria for tenants span a range of 30% to 80% of the area median income, allowing for a diverse group of residents.
Community-Centric Features of Wagner Senior Residences
This new development is not just about housing; it's about creating a vibrant community atmosphere. The Wagner Senior Residences will include engaging amenities such as both indoor and outdoor lounges, a fitness center, and a lovely outdoor terrace. Such features are designed to enhance residents' quality of life, making aging in place a comfortable and enjoyable experience.
Ongoing Support Through DCHFA
Through its various divisions, including Multifamily Lending and Neighborhood Investment, DCHFA plays a critical role in making affordable housing attainable. By issuing tax-exempt mortgage revenue bonds, the agency significantly reduces costs for developers engaged in acquiring and constructing vital housing developments. Their support extends not only to large-scale construction but also to smaller scale rehabilitation efforts throughout the District.
Dedication to Long-term Housing Solutions
DCHFA’s mission goes beyond funding; it aims to build a robust support system for residents, ensuring long-term sustainability in affordable housing development. This commitment fosters an environment where D.C. residents can truly benefit from transformational opportunities while living in a community that respects and enhances their dignity.
Conclusion: A Vision for Future Developments
The development of Wagner Senior Residences is more than just a project; it signifies a broader vision for affordable living solutions in Washington, D.C. As DCHFA continues to invest in neighborhoods and create pathways for residents, it reinforces the crucial social fabric that nurtures inclusivity and growth. This project stands as a testament to the potential of targeted investments in real estate that prioritize community well-being and affordable living.
Frequently Asked Questions
What is the purpose of the DCHFA funding for Wagner Senior Residences?
The funding aims to support the construction of affordable housing specifically designed for low-income seniors, enhancing their living conditions and community accessibility.
How many apartments will be included in the Wagner Senior Residences?
The development will feature a total of 67 apartments, including various types such as studios, one-bedroom, and two-bedroom units catering to different income levels.
Who are the developers of this project?
Justice Housing and the Miller Group are the primary developers responsible for bringing Wagner Senior Residences to life, focusing on the unique needs of the senior community.
What amenities will the Wagner Senior Residences offer?
Residents will have access to both indoor and outdoor lounges, a fitness center, and an outdoor terrace, designed to create a community-oriented living environment.
How does DCHFA support affordable housing in Washington, D.C.?
DCHFA provides low-cost financing options to developers, allowing for the construction and rehabilitation of rental housing, thereby increasing the availability of affordable housing options for residents.
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