DCHFA, SOME bring new mixed-use housing to Benning Road
The District of Columbia Housing Finance Agency has closed its second development transaction of the 2016 Fiscal Year, issuing $26 million in short term tax exempt obligations to fund the construction of the Conway Center on Benning Road in northeast.
The center will bring affordable, permanent supportive housing units, medical services and job training to a single location in Ward 7. Two weeks prior to closing, the agency also underwrote an investment of $20 million in low-income housing tax credit equity for the new center.
The non-profit organization So Others Might Eat (SOME) will own and operate the newly constructed, mixed-use development. SOME has been working to eradicate poverty and homelessness in the District of Columbia for 45 years, providing food, clothing, healthcare and other services to the poor and homeless.
The Conway Center will include 202 units of affordable housing for low-income individuals and families. A portion of the units will be used as permanent supportive housing.
The complex will also house SOME’s Center for Employment Training and a dental and medical clinic operated by Unity Healthcare. It will be adjacent to the Benning Road Metro station in the Northeast Capitol View neighborhood.
“The Agency welcomes the opportunity to align our mission of expanding affordable housing with a venerable organization such as SOME,” said Maria K. Day-Marshall, interim executive director of DCHFA. “Financing this unique and innovative development project is an investment in the future of the District.”
Through its Public Finance division, 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 new construction, acquisition, and rehabilitation of affordable rental housing in the District.
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