DHCD Financing to Produce 130 Affordable Units in Ward 8

Image courtesy of DCHFA

Tuesday, August 23, 2022

The D.C. Department of Housing and Community Development (DHCD) has provided financing to  produce 130 new affordable housing units in Ward 8.

“It took a great deal of perseverance by a group of tenants who demanded better," said Interim DHCD Director Drew Hubbard. "It's important that the tenants who fought so hard, have an opportunity to reap the benefit of their work and stay in the city.”

The Terrace Manor Organized for Change Tenant Association exercised and assigned its right to purchase the property to the developer to redevelop the property.

W.C. Smith received $29.9 million in financing from the Housing Production Trust Fund (HPTF) for the construction of Terrace Manor, a new four-story, 130-unit apartment building at 3301 23rd Street SE. The project also received an allocation of 4% federal low-income housing tax credits (LIHTC) administered by the DC Housing Finance Agency (DCHFA) and District of Columbia LIHTCs from DHCD which yielded a total of $39.7 million in equity.

All 130 units will be affordable for households earning between 30% and 60% of the median family income (MFI). Fourteen affordable units will be designated for permanent supportive housing (PSH).

The new building will consist of one-, two- and three-bedroom units with square footage ranging from 600 sq. ft. for a 1BR/1BA unit to 1,100 sq. ft. for a 3BR/2BA unit. Amenities for residents will include a business center, fitness center and community space.

Construction is estimated to be completed by summer of 2024. This project will contribute to Mayor Bowser's goal of 36,000 new housing units by 2025, 12,000 of which are affordable for low-income residents.

For more information on other available affordable housing units for rent or sale, please visit dchousingsearch.org.