District of Columbia Housing Finance Agency funded the rehabilitation of Ridgecrest Village Phase I in Washington, DC Phase I of the project will involve the remodeling of 13 existing buildings in the property built in 1951. Ridgecrest Village will be converted from market rate to affordable housing.
The agency issued $21.9 million in tax-exempt bonds and underwrote $16.83 million in equity from DC and the federal low-income housing tax credit. The PSN Foundation is sponsoring the first renovation of Ridgecrest Village in nearly 30 years.
“One of the challenges this project faced was timing,” said NHP Foundation Vice President Tim Pryor. Multi-Accommodation News. “It was very important that this project be closed by the end of September, due to district funding obligations and the potential expiration of one of our acquisition loans at that time. DCHFA has worked with DHCD and other funding sources to provide timely underwriting and approvals to get us across the finish line on schedule.
Ridgecrest Village includes four one-bedroom apartments, 88 two-bedroom apartments, and 48 three-bedroom apartments, with 20 apartments reserved for residents earning 80% or less of the area’s median income. Another 57 will be reserved for those earning up to 60% of the AMI, 35 for those earning up to 50% of the AMI and 28 units designated as permanent housing with support services for residents earning 30% or less of the AMI.
PSH apartments are eligible for vouchers from the local rent subsidy program and tenant services through Community of Hope. The NHP Foundation and the General Contractor Hamel Builders of Washington will coordinate the three to five month rent-free temporary relocation of current residents to other on-site buildings or neighboring properties in the neighborhood.
Among other initiatives, the renovation will include repairing exterior walls, replacing light fixtures, redesigning parking lots, installing security screens and windows, and constructing new sidewalks and ramps.
Interiors will be upgraded with vinyl flooring, new kitchen cabinets and fixtures, walk-in closets, upgraded bathrooms, new blinds, ceiling fans and energy-efficient lighting.
The $48.9 million project secured additional funding in the form of a $16.13 million loan through the Department of Housing and Community Development’s Housing Production Trust Fund from DC. When completed, the apartment community will offer amenities such as playgrounds, meeting rooms, a fitness room and a computer center. Earlier this week, Nuvean affordability preserved in Carver Terrace, another Washington, DC community.