A development that will bring 41 affordable apartments to the Congress Heights area of Washington, D.C., has moved forward.
Legacy Real Estate Development, Domaine, and The NHP Foundation (NHPF) announced that they have received key financing for the apartments at 17 Mississippi Ave. and have begun construction.
The District of Columbia Housing Finance Agency has provided $10.3 million in tax-exempt bond financing and underwrote $8.8 million in 4% low-income housing tax credit equity provided by WNC. The D.C. Department of Housing and Community Development’s Housing Production Trust Fund is providing a $9.1 million loan, and Citi Community Capital is providing $4.43 million in debt financing.
The apartment community is being built for residents earning at or below 50% of the area median income and will feature 16 efficiency, 12 one-, and 13 three-bedroom apartments, nine of which will be permanent supportive housing. There are also nine units designated for artists.
“The resources brought together by this partnership ensure that residents at 17 Mississippi will enjoy affordable rental living and many amenities in a sought-after neighborhood,” said Tim Pryor, vice president, acquisitions, at NHPF. “We are grateful to the funders for enabling this important construction.”
Planned amenities at 17 Mississippi Avenue include on‐site management, a community room, an artist studio, and bicycle storage.
“Working with a like-minded organization such as NHPF, which also has tremendous familiarity with the District, allows all of us to continue to reach the important goals of the industry, namely, bridging the enormous affordable housing divide,” said Donahue Peebles, founder and CEO of Legacy Real Estate Development. “We are proud to be part of the solution to this ongoing need.”