Financier Gives Helping Hand with $7M for Affordable Housing Projects

WASHINGTON, DC-Affordable housing in the District ranks number 10 in the country on the National Low Income Housing Coalition’s list of the least affordable metropolitan areas, but New York-based Related Capital Co. has been doing its part to help improve Washington, DC’s ranking by providing $7 million in debt and equity financing for two low-income housing developments. “Washington, DC, is clearly showing signs of an upward trend in multifamily markets, making our commitment all the stronger to providing affordable housing to the District,” explains Related Capital Co. vice president Ryan Sfreddo.

In an effort to rehabilitate the 28-unit North Capital Townhomes, Related Capital came up with $1.6 million in equity for tax credits, and its affiliate, Charter Municipal Mortgage Acceptance Co., supplied just over $3 million in revenue bond investment-produced financing for the property. St. Paul Senior Living at Wayne Place–a 56-unit, four-story building being constructed by St. Paul Community Development Corp.–received tax credit financing totaling $2.4 million from Related Capital.