DCHFA Provides $100M Loan For Harvard Court Apartments Development Site In Washington DC

The asset involved in this transaction is a development site located at 1425 Harvard Street Northwest in Washington, DC. The property is designed to accommodate 108 units, catering to residents with earnings between 30–50% of Area Median Income (AMI). It is noteworthy that 22 units will be designated as Permanent Supportive Housing, which aims to provide long-term support for individuals in need.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $100,000,000
• Address: 1425 Harvard Street Northwest
• Market: Washington, DC
• Lender: District’s Housing Finance Agency (DCHFA); D.C. Department of Housing & Community Development
• Landlord: The NHP Foundation, Columbia Heights Village Tenants Association (CHVTA) & Change All Souls Housing Corp.
• Note: DCHFA financed the $100M Harvard Court Apartments by issuing $48.3M in tax-exempt bonds and underwriting $41.7M in federal and local LIHTC equity.

This transaction involves key entities such as the DCHFA, which is responsible for financing the project. The landlords, The NHP Foundation along with the Columbia Heights Village Tenants Association and Change All Souls Housing Corp., play a significant role in managing the property. Their collaboration emphasizes the community-oriented focus of the development, aimed at providing affordable housing solutions.