DCHFA Backs $148M Adams Morgan Affordable Housing Rehab with Risk-Share Program
Event summary
- $65M in tax-exempt bonds issued for 188-unit affordable housing rehab in Adams Morgan.
- $54.3M in federal and $9.8M in DC LIHTC equity underwritten for the project.
- Six scattered-site buildings to receive comprehensive renovations, including solar panel installations.
- Units restricted to residents earning 30%, 50%, or 80% of area median income.
- Project located near Columbia Heights and Woodley Park/Adams Morgan Metro Stations.
The big picture
DCHFA's $148M investment in Adams Morgan reflects a strategic focus on preserving affordable housing in high-demand urban areas. The use of its risk-share program demonstrates a commitment to leveraging public finance tools to address housing affordability challenges. This project follows the recent completion of Ontario Place, indicating a concentrated effort to revitalize the Adams Morgan neighborhood through targeted affordable housing developments.
What we're watching
- Execution Risk
- Whether DCHFA can maintain its pace of affordable housing preservation amid rising construction costs.
- Market Dynamics
- How the scattered-site development model will impact neighborhood integration and property values.
- Regulatory Environment
- The potential for changes in LIHTC policies to affect future affordable housing projects.
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