DCHFA is providing construction and permanent financing by issuing $15.35 million in tax-exempt mortgage revenue bonds. Lend Lease Real Estate Investments is providing $8.5 million in equity through its purchase of the low-income housing tax credits allocated to the project.
DCHFA and Fannie Mae, who have supported this project since its inception in 1997, are providing close to $4 million in acquisition and predevelopment costs. The Fannie Mae DUS Program brings with it a "AAA" bond rating by Standard & Poor's.
Located in Ward 5 on both sides of Maryland Avenue, NE between 19th and 20th Streets, NE, Carver Terrace Apartments' deteriorating 33 buildings will be completely rehabilitated. This revitalization will change the face of a neighborhood residents used to call Little Vietnam because of the gunfire.
The complex's 406 units will be reduced to 312 as renovations proceed to add three-bedroom designs that are in high demand. The complex will also incorporate a community center. The Telesis Corp. is accessing approximately $1.5 million in Federal grants to create a computer technology center and an adult education/job-training program within the community center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
