Robert Khodadadian – Commercial Observer
The District of Columbia Housing Finance Agency (DCHFA) has provided a total of $51.3 million to finance an affordable senior housing development in Washington, D.C. It’s only the second development in the District that will cater to grandparents who are raising children, known as “grandfamilies,” in addition to other seniors. “DCHFA’s investment allows us to Commercial Observer Read More Development, Politics & Real Estate, Rent Control, 737 50th Street NE, Christopher E. Donald, CRP Affordable Housing and Community Development, District of Columbia Housing Finance Agency, H.R. Crawford Gardens, Manna Inc., MED Developers, Mutreja Developer, Washington DC
The District of Columbia Housing Finance Agency (DCHFA) has provided a total of $51.3 million to finance an affordable senior housing development in Washington, D.C.
It’s only the second development in the District that will cater to grandparents who are raising children, known as “grandfamilies,” in addition to other seniors.
“DCHFA’s investment allows us to address this issue as well as the unique needs of grandfamilies,” Christopher E. Donald, DCHFA’s executive director and CEO, told Commercial Observer. “Living in this community will help to ease the financial burden of grandparents by providing affordable housing as well as creating a supportive environment of peers that are also caring for children.”
DCHFA issued $25.9 million in tax-exempt bonds, underwrote $21.4 million in federal low-income housing tax credit (LIHTC) equity and provided $4 million in District LIHTC equity for the construction of H.R. Crawford Gardens, a 76-unit development in Ward 7.
Manna Corporation, Mutreja Developer, MED Developers and CRP Affordable Housing and Community Development are the developers of the project.
Located at 737 50th Street NE, the housing will be reserved for seniors, grandfamilies and tenants who previously experienced homelessness. Income restrictions for residents of H.R. Crawford will be 30 percent and 50 percent of area median income, which is currently $129,000 for a family of four.
The development will consist of 53 one-bedroom and 23 three-bedroom units. Twelve units will be fully accessible, meeting all federal accessibility standards, and 15 units will be designated permanent supportive housing units that operate with local rent supplement program subsidies from the DC Housing Authority.
Amenities will include a green roof, a community room, a fitness center, an outdoor terrace, and an on-site permanent supportive housing management office.
The District’s first housing community serving grandfamilies was Plaza West, which opened in 2018 at 307 K Street NW in Ward 6. DCHFA provided $44.1 million in tax-exempt bond financing for that project.
Keith Loria can be reached at Kloria@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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