MRP Lands Financing To Build 112-Unit Affordable Project In Anacostia
A new affordable housing project is moving forward near the Anacostia Metro station.
The D.C. Housing Finance Agency provided MRP Realty and Taylor Adams Associates with financing for a 112-unit affordable housing project at 2442 Martin Luther King Jr. Ave. SE, the DCHFA announced Thursday.
The financing consists of $27M in tax-exempt bond financing and $20.6M in Low Income Housing Tax Credits. The team also received $16.5M from the Department of Housing and Community Development's Housing Production Trust Fund.
"[The project] will deliver into a historic and rapidly shifting neighborhood in the city and contribute to providing housing for families across the economic spectrum," DCHFA acting Executive Director Christopher Donald said in a release.
MRP Realty principal Matt Robinson tells Bisnow the team plans to break ground next month and complete the project by the end of 2022.
"We've got a pretty robust pipeline of affordable housing in the District," Robinson said. "It's been a major focus for us, and it's good to finally get started on the MLK site."
The project will be built on vacant land owned by the Bethlehem Baptist Church. The property sits along Martin Luther King Jr. Avenue directly next to the church building, which fronts Howard Road SE and will not be part of the development.
The development team began working with the church six years ago, Robinson said, and it is ground-leasing the land from Bethlehem Baptist. The deal will provide income for the church to make renovations to its building.
The project's units will be priced for those in the 30%-to-50% area median income range. It will also include around 3K SF of retail.
"It fits well with the city's affordable housing goals, and also it helps complete a missing piece along MLK Avenue where the gap of vacant land has been sitting there for a long time, and building more density can bring more retail," Robinson said.
