Project Update: Construction Financing Secured for Affordable Housing Project in Washington, D.C.

January 08, 2021
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Photo Credit: REBusiness Online

Photo Credit: REBusiness Online

Source: REBusiness Online

Developers have landed $25.4 million in construction financing for the development of a new affordable housing project in Washington, D.C.
 
Where is this happening?
Washington, D.C.
 
Who is involved?
Developer: Standard Communities / Housing on Merit
 
When is this happening?
The project’s estimated completion date is currently unknown.
 
Why is this important?
This project will witness the renovation and revitalization of a historic apartment building into an array of much-needed affordable housing units.
 
Key aspects?
Mix of studio, one-, two-, and three-bedroom units
88% of units reserved for those earning 60% of area’s median income, remaining reserved for those earning 30% of the area’s median income
Fitness center
Business center
New key fob entry system

Project Specs?
Four-stories tall
42 residential units

Project HEROE

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