DCHFA provides $5.34 million for Bladensburg Road apartment construction
The DC Housing Finance Agency last week completed the transaction to provide $5.34 million in bond financing, structured as short term $1.52 million and long term $3.82 million DCHFA tax exempt bonds for the acquisition of the one-fifth acre properties at 2613-2615 Bladensburg Road NE, to construct Langdon Apartments.
Proceeds from the syndication of $3.21 million in low-income housing tax credits raised by Stratford Capital Group and underwritten by the agency will finance a portion of the $11.16 million project. Langdon Apartments will be a newly constructed, five story building containing 33 units (25 one bedroom and eight two bedroom) and 17 parking spaces. The building has been designed to meet the DC Green Building standards for multifamily housing.
“The redevelopment of this site will replace two vacant homes with a vibrant new community that will increase the stock of affordable housing in the Langdon neighborhood,” said Todd A. Lee, acting executive director, DCHFA.
The units will be set aside for households earning up to 60 percent of the area median income. The DC Coalition for Housing Justice will oversee tenant services at Langdon Apartments in coordination with the property manager Community Realty Management.
Prospective tenant services will include budget and credit counseling, employment assistance, wellness programs and education, along with a computer center in the lobby. Complimentary wireless internet access will be offered throughout the building. The coalition is a nonprofit founded in 2002 that advocates for affordable housing, more funding and better services for low and moderate income D.C. residents.
Fifteen percent of the units in Langdon Apartments will be set-aside for DC Department of Behavioral Health consumers. The agency will be the primary service provider for these tenants.
Completion of Langdon Apartments will help to revitalize portions of Bladensburg Road, NE identified as part of the Great Streets initiative introduced by the D.C. government in 2005.
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