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DCHFA makes second investment in September bringing senior housing to Ward 3

Friday, September 22, 2023 02:23 PM | GlobeNewswire via QuoteMedia

DCHFA makes second investment in September bringing senior housing to Ward 3

Washington, D.C., Sept. 22, 2023 (GLOBE NEWSWIRE) -- Washington, D.C. – September with the issuance of $34.1 million in tax exempt bonds, underwrote $19.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $3.6 million in District LIHTC equity for the construction of Lisner Senior Independent (5425 Western Avenue NW) in Ward 3’s Friendship Heights neighborhood. “The agency is excited to be delivering an affordable housing project in Ward 3. Ward 3 is a community of opportunity with numerous transportation nodes, access to great schools, and activities. The development will provide a comprehensive care and community for seniors. By including lower income seniors, we will ensure that they can participate in all these elements to live a happy and prosperous life,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. The DC Department of Housing and Community Development is providing a $26.4 million loan from the Housing Production Trust Fund for this project.

Urban Atlantic Development, LLC is the developer of Lisner Senior Independent (LSI) which will be an addition of the Lisner-Louise-Dickson-Hurt Home (Lisner Home). The community’s mission is to provide health and life care services to low and modest-income seniors of the District. Lisner Home provides services from assisted living to nursing care to low and modest-income seniors.  LSI will consist of 93 affordable, one-bedroom, age-restricted housing apartments for seniors age 62 and over. The $69.2 million project will consist of one mid-rise elevator serviced four-story building. The area median income (AMI) restrictions for residents will include 52 units at 30 percent AMI, and 41 units at 50 percent AMI. Units restricted to 30 percent AMI will benefit from Local Rent Supplement Program contract subsidies from the DC Housing Authority. Additionally, 19 of the 52 units restricted to 30 percent AMI will also be Permanent Supportive Housing units. LSI will be designed to meet the standards of Housing for Seniors and People with Disabilities by making all units meet the American National Standards Institute Type A accessibility standards.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation

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Yolanda McCutchen
DC Housing Finance Agency 
202-777-1650
ymccutchen@dchfa.org

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