DCHFA Provides Construction Financing for Affordable Housing Property in D.C.
WC Smith will build Archer Park into the 1200 block of Mississippi Avenue Southeast in Washington, D.C.’s Congress Heights neighborhood.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided acquisition and construction funding for Archer Park, a four-story, 190-unit affordable housing project in Washington, D.C.’s Congress Heights neighborhood. The developer, WC Smith, will build the community into the 1200 block of Mississippi Avenue Southeast. The project is being financed utilizing $28.2 million in DCHFA short- and long-term tax exempt bonds and $19.6 million raised through syndication of low income housing tax credits (LIHTCs). Archer Park is Phase I of a two-phase redevelopment project of the former Trenton Terrace apartment complex. Upon completion in summer 2017, Archer Park will feature 24 efficiency units, 95 one-bedroom units and 71 two-bedroom units. The project will be affordable to families whose incomes are at or below 60 percent of the area median income (AMI), with 14 units rented to families earning 30 percent or less of the AMI and 10 reserved as permanent supportive housing. The property will include a 128-space parking garage, solar panels on the roof, a roof terrace, fitness center, business center and a meeting room. Phase II of the project will be a 74-unit townhouse development that will be separately financed for sale.