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.
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