(Washington, DC) - The DC Department of Housing and Community Development (DHCD) recently closed on funding for six affordable housing initiatives that will preserve 998 units of affordable housing. These deals comprise nearly $42 million in funding from the Department. Units in these various projects will be affordable for low-to-moderate income District residents.

The affordable housing projects closed in the last week include Mayfair Mansions in Ward 7, Amber Overlook in Ward 7, Fairmont Apartments in Ward 1, Crestwood Cooperative in Ward 1, Kara House Cooperative in Ward 1, and Golden Rule Apartments in Ward 6. Mayfair Mansions, a unique tenant-purchase project that received more than $24 million dollars in funding from the Department to help preserve 569 units of affordable rental housing, represents the largest number of units preserved and funding provided in a single project. The borrowers will seek alternate permanent financing, returning funds to the Department for future use over the next year.

“DHCD has worked extremely hard to get money out the door and increase our funding of projects throughout the community,” said Jalal Greene, DHCD Director.  “As we enter the last months of this fiscal year, we are committed to maintain a high level of spending to support the preservation of affordable housing.”

In addition, for Fiscal Year (FY) 2006, the Department is on pace to exceed its spending over FY 2005 and set a new record-high for spending in a single year.

The Department uses both federal and local funding to support affordable housing initiatives.  Funding from these projects was provided from the US Department of Housing and Urban Development’s Community Development Block Grant (CDBG) and Home Investment Partnerships (HOME) funding, as well as the locally-appropriated Housing Production Trust Fund (HPTF).

Summaries of Projects

Mayfair Mansions:  Located in the Kenilworth neighborhood in Ward 7, this project will preserve 569 units of affordable rental housing. Funding will be used for the rehabilitation of existing units.  Mayfair Mansions is listed on the National Historic Registry.

Amber Overlook:  This Ward 7 project, located at 50th and C Streets, SE, will preserve 80 units of affordable housing for purchase by low-to-moderate income residents. The project will be known as Woodson Heights.

Fairmont Apartments:  Fairmont Apartments, located at 14th and Fairmont Streets, NW, will preserve 102 units of affordable housing in Ward 1. 

Crestwood Cooperative:  This “tenant first right to purchase” project preserves 22 units of affordable housing at the Crestwood Cooperative in Columbia Heights in Ward 1.

Kara House Cooperative:  Kara House Cooperative is a “tenant first right to purchase” project in the Mount Pleasant neighborhood of Ward 1. This purchase preserves 22 units of affordable housing.

Golden Rule Apartments:  Located in Ward 6 at 901 New Jersey Ave, NW, Golden Rule Apartments will preserve 184 units of affordable housing. 

About DHCD

The mission of the Department of Housing and Community Development (DHCD) is to be a catalyst in neighborhood revitalization by strategically leveraging public funds with private and non-profit partners to preserve, rehabilitate and promote the development of housing, increase home ownership and support community initiatives that benefit low-to-moderate income residents.