(Washington, DC) – Mayor Vincent C. Gray, Deputy Mayor for Planning and Economic Development (DMPED) Victor L. Hoskins, DC Department of Housing and Community Development (DHCD) Director John E. Hall and others gathered Tuesday, November 8 to celebrate the dedication and ribbon cutting for The SeVerna, a 60-unit building located at 1st and K Streets NW in Ward 6.
The SeVerna is part of Mayor Gray’s New Communities Initiative, a comprehensive public-private partnership designed to improve the quality of life for families and individuals living in four neighborhoods in Washington, DC: Northwest One (Ward 6), Barry Farm (Ward 8), Lincoln Heights/Richardson Dwellings (Ward 7), and Park Morton (Ward 1). All 60 units at The SeVerna will be available to households at or below 60 percent of the Area Median Income (AMI), and 30 of those units will be affordable to households below 30 percent AMI.
“The SeVerna is just one example of the changes taking place in this neighborhood as part of the New Communities Initiative,” said DHCD Director Hall. “This project is part of the District’s overall effort to improve housing, spur economic development, and support Mayor Gray’s ‘One City’ vision.”
DHCD provided $430,000 in local Housing Production Trust Fund monies and $995,000 in Low Income Housing Tax Credits, which will yield more than $8 million in tax credit equity. Other funding sources include DMPED ($1.9 million), PNC Bank ($4.4 million) and the DC Housing Authority’s Local Rent Supplement Program ($540,000). The project was developed by Bible Way Church, MissionFirst Development and Henson Development Company.