Contact Us
News

Golden Rule, Mission First, Henson To Bring New Affordable Units To Mt. Vernon Triangle

Golden Rule, Mission First, Henson To Bring New Affordable Units To Mt. Vernon Triangle

The DC Housing Finance Agency signed off on a deal to start construction of the 12-story, 223-unit Plaza West development to the city's Mount Vernon Triangle neighborhood.

The agency will provide a tax exemption for the project at 307 K St NW and 1035 4th St NW. In the deal, Citi Community Capital will give $44.1M in tax-exempted funding to build the $89.7M project. 

DCHFA will underwrite $32M for 4% low-income housing tax credits equity, managed by Enterprise Community Investments. Plaza West will include a "grandfamily" component, 50 units set aside for grandparents raising children earning up to 40% of area median income. The bulk of the other 173 units will be affordable for those earning 60% or less of AMI.

"Grandparents rearing their grandchildren often face unique family issues related to family structure, including budgetary pressure," DCHFA interim director Maria Day-Marshall says. "Living in a community like Plaza West will help to ease the financial burden of grandparents by providing affordable housing as well as creating a supportive environment."

Clients of the DC Department of Behavioral Health will reside in six units. A 24-hour concierge will man the building's front desk. The 9,600 SF outdoor space will include a courtyard, basketball court and garden. Mission First Housing Development Corp, nonprofit Golden Rule Plaza, and Henson Development Co will develop Plaza West in a JV.