The District of Columbia Housing Finance Agency (DCHFA) has recently announced the issuance of $61.1 million in tax-exempt bonds and underwriting of $52 million in federal Low Income Housing Tax Credit equity for The Edmonson’s construction project. This development, located within the Barry Farm redevelopment area in DC, will provide 139 affordable apartments to residents.
This marks DCHFA’s second investment in Barry Farm following their previous issuance of $33.7 million in tax-exempt bonds for The Asberry, a senior housing development set to open by 2022. The Edmonson is funded through a combination of sources including a $21 million loan from DMPED NCI and will feature LIHTC-restricted units as well as replacement public housing units and retail space. Developed by Preservation for Affordable Housing, Inc., with support from DCHA, this project boasts amenities such as a community room, playground, fitness center,and business center along with on-site parking for tenants and customers.
According to Christopher E.Donald,DCHFA Executive Director/CEO,”We are proud to continue our commitment towards the redevelopment efforts at Barry Farm.The completionof The Edmondsonwill not only offer beautiful homes but also promote affordabilityand improve overall living conditionsfor returning residents.”
