DHCD Financing to Produce 26 Affordable Homeownership Units in Ward 7
$6.4 Million in Financing to Provide Homeownership Opportunities
WASHINGTON, Sept. 17, 2020 /PRNewswire/ -- The Department of Housing and Community Development (DHCD) has provided $6.4 million in financing from the Housing Production Trust Fund (HPTF) to produce 26 new homeownership units in in the Twining neighborhood of Ward 7.
"This is another project that helps us move toward 12,000 new affordable housing units by 2025," said DHCD Director Polly Donaldson. "It's also the culmination of consistent engagement between the community, the developer and our team. We're excited to invest in affordable homeownership opportunities in this neighborhood."
Minnesota and 27th LLC, an entity owned and operated by Neighborhood Development Corporation (NDC), has received $6.4 million in HPTF financing for the construction of Park 27, a new 26 unit condominium duplex located at Minnesota Avenue and 27th Street SE. In February 2019, NDC was awarded the property after a competitive bidding process that began in May 2016.
The project will feature two one-bedroom/one bath units; the remaining units will be comprised of three-bedroom units with either two or two and a half bathrooms. Twelve units will be available for households with annual income between $44,100 and $63,000 (50% AMI); six units for households earning between $52,900 and $72,600 (60% AMI); and eight units for households between $70,550 and $100,800 (80% AMI). Three units will be permanently affordable throughout the property's existence.
Estimated completion date for this project will be Spring 2022.
CONTACT:
Richard Livingstone (DHCD) – (202) 442-6991; [email protected]
SOURCE DC Department of Housing and Community Development
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