- REGIONAL ACTIVATIONS
- ANNUAL MEETING
An Enterprise press release issued last week announced a $5 million, three-year commitment to help expand access to economic opportunity for local residents and small business owners along the 16-mile Purple Line light rail corridor in the Greater Washington region. It reads:
The Purple Line project in Maryland’s Prince George’s and Montgomery Counties will provide more efficient transit and spark redevelopment around its 21 stations. As part of the JPMorgan Chase’s $25 million, five-year commitment to the Greater Washington region, from Northern Virginia to Baltimore, this new investment will create and preserve affordable housing and support small businesses along the transportation corridor.
Specifically, it will allow community organizations Enterprise Community Partners, the National Housing Trust and Latino Economic Development Center, with support provided by Enterprise Community Loan Fund, to provide targeted loan capital and resources for projects related to high-quality affordable housing and small business expansion. With this investment, the collaborative, called Purple Line Equitable Transit-Oriented Development, seeks to:
HAND congratulates all of our members and partners involved! Read the full press release here.
On August 28, Mayor Muriel Bowser, Ward 7 Councilmember Vincent Gray, and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) broke ground on two 100% affordable housing communities, Providence Place and the Strand Residences, which will deliver 179 affordable units in the Deanwood neighborhood of Ward 7 through the New Communities Initiative (NCI).
“After years of delays on these projects, Mayor Bowser charged us with making sure that we delivered for the residents of Ward 7, ” said Interim Deputy Mayor Planning and Economic Development John Falcicchio. “Thanks to the commitment and hard work of District agencies, the community and our development partners, we are realizing the future for this historic Deanwood community.”
Providence Place is a 93-unit community with a mix of family-size apartments located at 601 50thStreet, NE on the campus of the historic Progressive National Baptist Convention headquarters. The Strand Residences, located at 5119 Nannie Helen Burroughs Avenue, NE, next to the historic local landmark, the Strand Theater, will include 86 one- and two-bedroom affordable apartments and first floor retail space for a neighborhood non-profit and a community-based retailer.
Both properties include units prioritized for residents from Lincoln Heights and Richardson Dwellings – 35 units at Providence Place and 28 at the Strand Residences reserved for households at less than 30% median family income (MFI), or approximately $35,150 for a family of four. The remaining units at both properties, 116 units total, will be made available to other households earning up to 60% MFI, or approximately $70,320 for a family of four.
Providence Place and Strand Residences were made possible through a collaboration of District government agencies including DMPED, the DC Housing Finance Agency, and the DC Housing Authority. Development partners for Providence Place include Urban Matters and Atlantic|Pacific Communities with the Progressive National Baptist Convention. Developers for the Strand Residences are NHP Foundation, The Warrenton Group, and the Washington Metropolitan CDC. Congratulations to all involved!
The District of Columbia Housing Finance Agency’s (DCHFA) issuer credit rating was raised to “A+” with a “stable” outlook, according to Standard and Poor’s (S&P) Global Ratings.
“The stable outlook reflects our view of a combination of DCHFA’s high profitability and equity ratios relative to those of peers, and its relatively new but experienced management and strategic initiatives,” wrote Aulii T. Limtiaco, S&P Credit Analyst.
Under the leadership of Todd A. Lee since 2016, DCHFA has undergone several changes to include the launch of new programs like the Housing Investment Platform (HIP), the DC Mortgage Assistance Program (DC MAP) and the Reverse Mortgage Insurance & Tax Payment Program (ReMIT), the addition of a Chief Operating Officer to the staff, and a rebranding among other innovations to improve the Agency’s day-to-day functions. Lee’s leadership, there has been over $1 billion invested in the creation and preservation of affordable multifamily rental and workforce housing units in addition to supporting homeownership all over the city.
DCHFA is celebrating its 40th year of service to District residents in 2019. The Agency aims to provide the most effective, innovative and efficient solutions to affordable housing in the District. The Agency aims to continue investing in affordable housing and neighborhood development as a way to provide pathways for D.C. residents to transform their lives for many years to come.
Yolanda McCutchen, Director of Public Relations for the District of Columbia Housing Finance Agency (DCHFA) and HAND member, received her first National Association of Black Journalists (NABJ) Salute to Excellence Award earlier this month. At the NABJ Annual Convention , McCutchen was awarded the “Public Relations/Marketing Campaign- Government” award for DCHFA’s media campaign on the agency closing its first HUD Level I Risk Share Deal.
Woodmont Crossing, a 176-unit preservation project in Ward 8, was DCHFA’s first risk share deal after the agency because a HUD Risk Share Lender in 2017. McCutchen’s press outreach helped spread the word that DCHFA offers this loan product to affordable housing developers and showcased the only deal of its kind in the agency’s portfolio. Articles about the project appeared in The Washington Post, The Washington Informer, Multi Housing News, Commercial Real Estate Direct, MultifamilyBiz, and Real Estate Business Online.
DCHFA is a long term member of HAND and the agency’s Senior Vice President of Multifamily Lending & Neighborhood Investments Christopher Donald is a member of HAND’s Board of Directors. As one of the District’s leading financiers of affordable housing and only risk share lender, DCHFA’s mission is to advance the District of Columbia’s housing priorities by investing in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. The agency accomplishes its mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities.
DEADLINE EXTENDED TO NOVEMBER 15!
The DCSEU is accepting applications for the FY 2020 Income Qualified Efficiency Fund. The fund allows owners and managers of affordable housing, clinics, and shelters, as well as contractors working on projects at these buildings, to apply for funding from the DCSEU for energy efficiency projects. The deadline for applications has been extended to November 15, 2019. For more information, please contact the DCSEU at 202-479-2222 or email@example.com.
The DCSEU has no-cost technical assistance, financial incentives, and training opportunities available for DC affordable housing developers, building owners, and property managers:
For more information on how the DCSEU can help you, call 202-479-2222 or e-mail firstname.lastname@example.org.
HAND's low-cost dues, customized training, and expansive network are only a few reasons why you should join the organization. Get connected today to take advantage of the multitude of benefits offered to our members.