17 Mississippi Apartments
Affordable Housing in Washington, DC
Completed in mid-2023, 17 Mississippi Apartments provides 41 units of newly constructed affordable housing in the Congress Heights neighborhood of Southeast Washington, DC. This new six-story building—four wood-framed stories on top of a two-story concrete podium—has been built into a gently sloping hillside on the south side of Mississippi Avenue and provides 10 on-site parking spaces. The units are a mix of studios, one bedrooms, and three bedroom apartments. The building was also recently honored with the 2024 HAND (Housing Association of Non-Profit Developers) Housing Achievement Award for “Best Small Affordable Housing Project.”
Total Cost
| $22,879,150 |
Description
NHPF is collaborating on the development of 17 Mississippi Avenue with Donahue Peebles and the District of Columbia Department of Housing and Community Development (DHCD). The $22.9 million project utilizes equity primarily from the sale of low income housing tax credits and funding from the District of Columbia Housing Production Trust Fund.
Permanent Financing
Secured financing and funding for this project included:
| $4,332,000 | Citi Community Capital Permanent Loan |
| $8,699,866 | DC Housing Production Trust Fund Debt |
| $8,822,980 | 4% LIHTC Equity from WNC & Associates |
| $610,735 | Deferred Developer Fee |
| $413,569 | DC HPTF Accrued Interest |
Construction Period Financing
| $10,300,000 | Citi Community Capital Construction Loan |