DCHFA Provides $25.4M Construction Financing for Affordable Housing Community in D.C.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property.
Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s 42 units and add four units to the building’s lower level. The co-developers expect the renovation project to cost $30.5 million.
Of the existing units, 37 will be reserved for those earning 60 percent of the area median income (AMI) and five will be reserved for those earning 30 percent of AMI. The four new units will be for residents earning 80 percent of AMI. Renovations will include updated kitchens and bathrooms, as well as new flooring and appliances. Communal amenities will include a fitness center, business center, new flooring, new lighting and a new key fob entry system.
Ritch Homes Apartments was originally built in 1920. It is situated at 1420 R St., in D.C.’s Ward 2 neighborhood and one mile north of downtown D.C.