The District of Columbia Housing Finance Agency has issued funding for a $105.3 million development in Washington, D.C. The agency provided $51.2 million in tax exempt bonds as well as underwrote $31.5 million in federal low income housing tax credits for the community.
Park Morton Phase I redevelopment, located at 617 Morton St. NW, is owned by The Community Builders, according to Yardi Matrix data. The 142-unit property for redevelopment will include 19 efficiencies, 73 one-bedroom and 49 two-bedroom homes, as well as one four-bedroom apartment.
The 40 replacement public housing units will only be available to residents earning between 30 percent and 50 percent less than the area median income. All other homes will be for residents earning 80 percent or less than the area median income.
As part of the Deputy Mayor for Planning and Economic Development New Communities Initiative, the Park Morton redevelopment has taken more than a decade of planning and executing to get to funding. Situated in Ward 1, the community is less than a half a mile to the Petworth Metro Station and in proximity to employment centers and schools.
Amenities in the first redevelopment of Park Morton will include a fitness room, a pet spa room, a rooftop lounge, outdoor areas, meeting lounges and bike and parking spaces. A green roof area will be 14,000 square feet.
Set to be developed by Dantes Partners and The Community Builders, the asset is anticipated to be Enterprise Green Communities certified with a rooftop solar system.
Additional affordable financing
DCHFA has recently provided funding for two more affordable communities in Washington, D.C. Ridgecrest Village, which will be converted from market-rate to affordable, was issued $21.9 million in tax-exempt bonds on top of $16.83 million in low income housing tax credit equity. Six buildings will be remodeled with the financing.
The Paxton, another asset financed by DCHFA, received $46.92 million in tax-exempt bonds, $42.02 million in low-income housing tax credits as well as a $29.02 million Housing Production Trust Fund loan. The 148-unit community is located in Ward 7 and will feature 159,617 square feet of efficiency housing.
