Atlantic Gardens, Atlantic Terrace to get facelift
The District of Columbia Housing Finance Agency issued $32.1 million in tax exempt obligations to fund The Atlantics, its first development project of the new fiscal year. The project is comprised of the preservation of two affordable housing apartment complexes subsidized by project-based Section eight contracts.
Atlantic Gardens and Atlantic Terrace, in the Washington Highlands neighborhood of Southeast D.C., consist of more than 300 units housed in 11 buildings. Both Ward eight properties, last renovated in 1988, are owned by affiliates of the WinnCompanies.
The closing of this first FY 2016 transaction comes on the heels of the Agency’s banner year of affordable multifamily housing production in FY 2015. In the last fiscal year, the Agency financed the development and redevelopment of 1,325 affordable housing units in the first ward, second ward and wards four through eight.
“This robust period of activity is evidence of how great the need for affordable housing is in Washington, D.C., as rental rates and home prices continue to soar,” said Maria K. Day-Marshall, interim executive director, DCHFA. “We are combating the issue of a lack of affordable housing, and making an impact throughout the District.”
In FY 2015, $345 million in total development activity was financed in part by $171 million in tax-exempt housing mortgage revenue bonds and $97 million in LIHTC equity, underwritten by DCHFA’s Public Finance Division. With the closure of 11 transactions in Fiscal Year 2015, the Agency’s production has consistently increased since 2010.
DCHFA issues tax-exempt housing 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 construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.
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