The DCHFA has recently issued $35.1 million in tax-exempt bonds and provided underwriting for a total of $25.56 million in federal funding and $5.6 million in Low Income Housing Tax Credit equity to support the construction of 100 affordable apartments at 2911 Rhode Island Ave NE.
According to Christopher E. Donald, Executive Director and CEO of DCHFA, this investment marks an exciting start to the year for their team as they work towards providing more beautiful, healthy, and affordable homes for residents across all income levels throughout Washington DC.
The developer behind this project is Lincoln Westmoreland Housing Inc., who secured additional financing through a loan worth $26.1 million from the DC Department of Housing and Community Development’s Housing Production Trust Fund. The proposed development will cost approximately $81.6 million and will feature a variety of unit sizes including 20 studios, 41 one-bedroom units, 24 two-bedroom units, and 15 three-bedroom units.
