DCHA Closes on Financing ...

DCHA Closes on Financing for Renovation of Henson Ridge

DCHA CLOSES ON FINANCING FOR RENOVATION OF 124-UNIT AFFORDABLE HOUSING COMMUNITY

Multi-million dollar investment to preserve affordable housing in Ward 8

WASHINGTON, D.C. [Jan. 7, 2025] - Capitol Housing Partners LLC, an affiliate of the District of Columbia Housing Authority (DCHA), in partnership with Urban Atlantic Development, has closed on the financing of the rehabilitation of Henson Ridge I, a 124-unit community in Ward 8's historic Anacostia neighborhood.

Last month, the District of Columbia Housing Finance Agency (DCHFA) issued $34 million in tax exempt bonds, and underwrote more than $25 million in Federal and DC Low Income Housing Tax Credit (LIHTC) equity to support the preservation and modernization of affordable housing at Henson Ridge I. Along with DCHFA, other financing partners included NewPoint Real Estate Capital as the construction lender, The Richman Group and RiseImpact Capital, respectively, as the Federal and DC LIHTC equity investors.

"DCHA is dedicated to preserving, rebuilding, and expanding affordable housing for the District's low-income and working families and is proud to work with partners who share our commitment to provide residents with modern, affordable homes that strengthen the fabric of our communities," said DCHA Executive Director Keith Pettigrew. "Thank you to our partners who are helping to bring this project to fruition and thank you to our residents for their extensive participation in developing this renovation plan."

The rehabilitation will bring the property up to modern building codes and energy standards through the replacement of roofs, windows, doors, kitchens, bathrooms, and mechanical systems, including the installation of solar panels and renewable battery backup systems by SEDC Solar. Construction, anticipated to being in spring 2025, will require the temporary relocation of residents while work on their homes is underway.

Henson Ridge I has 18 one-bedrooms, 30 two-bedrooms, 38 three-bedrooms, 31 four-bedrooms and 7 five-bedrooms. The apartment community will remain affordable with units restricted to residents earning up to 60% of area median income or less, and 68 of the 124 units will receive subsidies through a Rental Assistance Demonstration (RAD) conversion to Project-Based Vouchers.

Located at Alabama Avenue Southeast near Stanton Terrace Southeast, Henson Ridge was originally built in 2003 under the U.S. Department of Housing and Urban Development (HUD) HOPE VI program and named for Tobias Henson, the former slave who acquired the 24-acre property where the apartment community sits.

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About DC Housing Authority
The District of Columbia Housing Authority (DCHA) is committed to providing safe, affordable, and quality housing to the residents of the District of Columbia. The agency emphasizes fostering a collaborative work environment to meet the highest expectations of the affordable housing industry. With a focus on innovation and community development, DCHA strives to improve the lives of individuals and families by creating sustainable and thriving communities. Learn more at our website about DCHA and the work that the agency is doing to impact the residents of Washington, D.C.