D.C. Closes Financing For 185-Unit Affordable Project In Petworth
A project that would create 185 affordable housing units in Northwest D.C.'s Petworth neighborhood is moving forward.
Mayor Muriel Bowser announced Friday the District closed the financing for the Spring Flats project, a redevelopment of the historic Hebrew Home at 1125 Spring Road NW.
The deputy mayor for planning and economic development selected Victory Housing in 2017 to develop the project. Wiencek + Associates is the project's architect. The property sits less than a half-mile from the Georgia Avenue-Petworth Metro station on the Green and Yellow lines.
The D.C. Housing Finance Agency arranged $7.1M in tax-exempt bonds and $3.7M in Low Income Housing Tax Credit equity for the project. The financing deal includes an additional $10.1M in LIHTC equity and $4.1M from the Department of Housing and Community Development's Housing Production Trust Fund. TD Bank, BlueHub Capital, Walker & Dunlop, Boston Capital, JPMorgan Chase, the Local Initiative Support Corp. and Bank of America CDC were also involved in the deal.
The project will consist of 88 senior affordable units, 87 family rental units and 10 homeownership units. Of the family rental units, 58 will be set aside as affordable and 29 will be workforce housing.
“These types of projects are helping to continue our commitment to delivering a variety of housing options — rental and home ownership — for all different income levels and family sizes across the District,” Bowser said in a release. “While residents continue to stay home and help us flatten the curve, we’re also looking ahead to ensure more Washingtonians have an affordable place to call home.”