WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has issued $50 million in bond financing for the construction of The Residences at Southern Avenue in Washington, D.C.
The 152-unit assisted living community reserved for seniors age 60 and above who require assistance with two or more activities of daily living. DCHFA underwrote $15.3 million in low income housing tax credit (LIHTC) equity for the $66.6 million development.
Apartments are reserved for individuals or couples with incomes of 60 percent or less of the area median income and residents who qualify for Medicaid.
The Residences at Southern Avenue will be the first assisted living facility in Ward 8 and only the second with its offerings in the District. At the five-story development, residents will receive meals, personal care services and transportation services. The property management company, Gardant Management Solutions, will be licensed by the DC Department of Health to operate the development as an assisted living facility.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs. The agency offers private for-profit and nonprofit developers predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.