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

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development
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.