REDEVELOPMENT
TOTAL COST
$ 32,229,304
DESCRIPTION
BHTA found that their building suffered from years of deferred maintenance and other capital needs unaddressed by the previous owner. BHTA and NHPF are undertaking a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government.
FINANCING
Secured financing and funding or this redevelopment project included:
$ 13,230,000 | Citibank Tax Exempt Loan |
---|---|
$ 10,530,000 | LIHTC Equity |
$ 2,740,908 | Mark to Market Note |
$ 5,012,387 | DC DHCD Soft Money |
$ 300,000 | Interim Income |
$ 416,009 | Existing Reserves |
ACQUISITION / PRESERVATION
TOTAL COST
$ 13,327,278
DESCRIPTION
Benning Heights Apartments is comprised of 54 one-bedroom units, 84 two-bedroom units, and 10 three-bedroom units. The Property is covered 100% by a US Department of Housing and Urban Development (HUD) Housing Assistance Payment Contract that will run for 19 years. The Property also has a HUD owned Mortgage Restructuring Note on it from its redevelopment in 1984.
FINANCING
Secured financing and funding or this project included:
$ 9,600,000 | Citibank |
---|---|
$ 3,128,829 | HUD Mortgage Restructuring Note |
$ 290,580 | DHCD Loan |
$ 307,869 | NHPF Equity |