Cascade Park Apartments
Washington, DC, January 11, 2022 (GLOBE NEWSWIRE) – The District of Columbia Housing Finance Agency (DCHFA) started the new year by funding the rehabilitation of Cascade Park Apartments. On January 7, 2022, the Agency issued $ 11.1 million in tax-exempt bonds for the acquisition and rehabilitation of 59 of the units (two buildings) of the Ward 8 property. “The conclusion of a agreeing to an affordable housing deal is a great way to start the new year. This is the first of many developments that the Agency’s multi-family team is working to fund to create and preserve beautiful, affordable and healthy homes. We are all excited for 2022 and look forward to a solid year of fundraising activities in all eight neighborhoods across the district, ”said Christopher E. Donald, Executive Director / CEO, DCHFA.
Cascade Park Apartments was originally built in 1949. It consists of five garden-style buildings, which will be reserved for residents earning up to 80% of the median income in the area. The apartment community is being redeveloped in two phases. Phase two consists of 59 units, to include two efficiencies, 20 one-bedroom units, 20 two-bedroom units, 11 three-bedroom units and 6 four-bedroom units. Recent funding from DCHFA is intended for the second phase of the project developed by Dantes Partners and H Street Community Development Corporation. DC Department of Housing and Community Development provides $ 9.3 million Housing Production Trust Fund loan and $ 6.4 million four percent low-rental housing tax credits for rehabilitation from Cascade Park.
The renovation of Cascade Park Apartments will be completed as an on-site relocation, where residents currently living in the 42 occupied units will be relocated to apartments available within Cascade Park Apartments. The scope of work of the apartment complex includes the resolution of sewer issues, new HVAC systems, replacement of flooring and windows, installation of energy efficient appliances, replacement of cabinets and countertops. kitchen and new vanities. The rental office will be converted to an efficiency unit and a new outdoor children’s area will be built.
Community of Hope will provide services to tenants living in the nine permanent supportive housing units (PSH), while United Planning Organization and Community Preservation and Development Corporation Community Impact Strategies will serve as providers of all other resident services. The nine PSH units will be reserved for residents earning 30 percent or less of the area’s median income (MAI) and will receive vouchers from the Local Rent Subsidy Program (LRSP). The remaining units are reserved for residents earning 80 percent or less of the MAI.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage income bonds to reduce the costs of home acquisition, construction and rehabilitation. rental for developers. The Agency provides private for-profit and non-profit developers with low-cost pre-development, construction and permanent financing that supports new construction, acquisition and rehabilitation of affordable rental housing in the district.
The District of Columbia Housing Finance Agency is an S&P A + rated issuer, serving residents of Washington, DC for over 40 years. The agency’s mission is to advance the housing priorities of the District of Columbia; The Agency invests in affordable housing and neighborhood development, which enables DC residents to transform their lives. We accomplish our mission by providing the most efficient and effective sources of capital available in the market to finance rental housing and create home ownership opportunities.
CONTACT: Yolanda McCutchen DC Housing Finance Agency 202-777-1650 [email protected] Susan Ortiz DC Housing Finance Agency 202-777-1618 [email protected]