DHCD Financing Helps Preserve 13 Affordable Housing Units in Ward 4
WASHINGTON, Aug. 10, 2020 /PRNewswire/ -- The Department of Housing and Community Development (DHCD) has provided $2 million in financing that will help preserve 13 units of affordable housing for low-income households in Ward 4.
"This project is another example of tenants coming together to not only find a way to keep their units affordable, but also improve their standard of living through shared equity," said DHCD Director Polly Donaldson. "We're excited to help them preserve affordable units and remain proud District residents."
HOPE Cooperative Association, a tenant-formed cooperative founded in 2014, has been awarded $2 million in Housing Production Trust Fund (HPTF) financing to rehabilitate their 13-unit building located at 1445 Spring Road NW. The units, which all feature one bedroom, will be affordable for households who annually earn between $26,450 and $80,650.
Six units will be reserved for extremely low income households that are recipients of rent subsidies from the DC Housing Authority's (DCHA) Local Rent Subsidy Program. A covenant will keep all units affordable in perpetuity.
The building will undergo a complete update of its electrical, plumbing and mechanical systems along with improved safety measures to ensure compliance with current building codes. Updates will also include new roofing for the building, new kitchen appliances and controllable heating and air conditioning for each unit.
The project also helps retain the current supply of affordable housing units in the Rock Creek East planning area and contributes to the goal of having more than 4,100 affordable units in the area by 2025.
The project is estimated to be completed in Fall 2021.
CONTACT: Richard Livingstone, 202-442-6991, [email protected]
SOURCE DC Department of Housing and Community Development
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