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The Spring Flats project, a redevelopment of the historic Hebrew Home, is being developed by Victory Housing.
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The $30M financing package included public and private capital sources and will create 63 units of affordable housing.
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The Department of Housing and Community Development provided $20.2M in funding for the Park Southern apartment building.
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The project is slated to break ground in February on vacant land owned by an adjacent church, which is ground-leasing it to the development team.
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The affordable project at 218 Vine St. NW received financing from the D.C. Housing Finance Agency and the Department of Housing and Community Development.
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While adding nearly 20 more units of affordable housing, the developer and operator plan to raise the rent ceiling to 60% AMI.
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The project, in the works since 2019, would renovate a garden-style apartment community first constructed in the 1950s.
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As the mayor seeks to require more affordable housing units in new projects, real estate experts worry it will exacerbate existing issues with filling units.
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Fear about so-called good cause eviction legislation is continuing to vex the industry.
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House Speaker Ron Mariano unveiled the $6.2B housing bond bill, the largest legislative effort ever aimed at addressing Massachusetts' housing crisis.
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