Friday, May 8, 2020
Project to Deliver 185 New Affordable Homes to Petworth Neighborhood
(Washington, DC) – Today, Mayor Muriel Bowser, along with Office of the Deputy Mayor for Planning and Economic Development (DMPED) and the Department of Housing and Community Development (DHCD), announced the closing of financing on Spring Flats in Ward 4, a long-awaited 185-unit affordable housing community. This project represents the strong partnership between District Government agencies to successfully leverage a toolkit of land-use and financing policies to deliver critical affordable housing in the District.
“These types of projects are helping to continue our commitment to delivering a variety of housing options – rental and home ownership – for all different income levels and family sizes across the District,” said Mayor Bowser. “While residents continue to stay home and help us flatten the curve, we’re also looking ahead to ensure more Washingtonians have an affordable place to call home.”
In 2017, DMPED selected Victory Housing to redevelop the historic Hebrew Home at 1125 Spring Road, NW. The site was the third project under Mayor Bowser’s OurRFP process, which incorporates community feedback early in the Request for Proposals (RFP) process and ensures that the priorities and perspectives of residents are considered during development.
“Spring Flats marks another significant milestone in our focused effort to bring more affordable housing to Ward 4 and to the District of Columbia,” said Ward 4 Councilmember Brandon Todd. “This project will provide seniors and families with new, affordable homes to our most vulnerable populations and will add to the vibrancy of our community.”
Spring Flats, a LEED Gold certified design project, will produce 185 housing units comprised of 88 affordable senior rental units; 87 family rental units, of which 58 are affordable and 29 are workforce housing units; and 10 homeownership units, of which three are workforce housing units.
“When Mayor Bowser and Councilmember Todd told us that 1125 Spring Road, NW was a chance to demonstrate our commitment to affordable and workforce housing, rental and ownership options, and the revitalization of an underutilization asset – our office charged ahead engaging the neighbors at the front end of the process and working with a community builder who shared our values,” said Acting Deputy Mayor for Planning and Economic Development John Falcicchio. “In these trying times, Spring Flats gives us hope that when we stick together, progress is within reach.”
DHCD closed on the financing for the portion of the Spring Flats project that will create the 88 units of senior affordable housing, including 14 units of permanent supportive housing using a mix of Housing Production Trust fund dollars, as well as 9% and 4% Low-Income Housing Tax Credits.
“This development is the product of the culmination of years of community engagement,” said DHCD Director Polly Donaldson. “With Mayor Bowser’s historic investments in the Housing Production Trust Fund, we’re able to see the community’s wishes through and support our most vulnerable residents.”
Other financial partners for Spring Flats include the District of Columbia Housing Finance Agency, the District of Columbia Housing Authority, TD Bank, BlueHub Capital, Walker & Dunlop, Boston Capital, JP Morgan Chase, the Local Initiative Support Corporation and Banc of America CDC.
“Spring Flats will provide much needed affordable housing for the District while helping to revitalize the community,” said Leila Finucane, President and CEO of Victory Housing, Inc. “Our team of Victory, Brinshore Development and Banc of America CDC is thrilled to have this transformative redevelopment underway.”
Financing for the remainder of the Spring Flats project will close in the coming months.
Content retrieved from: https://mayor.dc.gov/release/mayor-bowser-closes-deal-long-awaited-affordable-housing-community-spring-flats-ward-4.