The D.C. Housing Finance Agency said Wednesday that it has issued $23.1 million in tax-exempt bonds for the construction of the Alabama Avenue Apartments in Ward 8’s Garfield Heights neighborhood.
The agency underwrote $22 million in federal and local Low Income Housing Tax Credit equity for the development of the Alabama Avenue housing community which will be 100% affordable.
“As construction continues to increase in Ward 8, DCHFA is committed to ensuring long-term residents are able to remain in their communities,” said Christopher E. Donald, executive director/CEO of DCHFA. “Alabama Avenue Apartments will make that possible for 86 individuals and families, and ultimately get us closer to Mayor Muriel Bowser’s goal of 12,000 new affordable homes by 2025.”
The Alabama Avenue Apartments will consist of 28 two-bedrooms and 32 one-bedrooms with nine units reserved for residents earning up to 60% of the area median income and 59 units set aside for those who make up to 50% AMI. The remaining 18 units will be designated Permanent Supportive Housing reserved for residents earning 30% or less than the AMI, and they will receive the Local Rent Supplement Program operating subsidy.
Enterprise Community Development, Inc. and Durrani Development Corporation are the developers of this project at the cost of $49.2 million. Additional funding came from a $12.9 million Housing Production Trust loan from the D.C. Department of Housing and Community Development.
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