Anacostia Gardens
Affordable Housing in Washington, DC
Built in the early 1960s, Anacostia Gardens is located in the Fort DuPont neighborhood of Washington, DC’s Ward 7. Its 100 apartments have individual gas heating and hot water systems, as well as central air conditioning. The property has on-site parking, a laundry facility, and a community room for resident activities. It is adjacent to the Washington Nationals Youth Baseball Academy and is located in a Qualified Census Tract (QCT).
REDEVELOPMENT
Total Cost
| $28,372,371 |
Description
The NHP Foundation embarked on a moderate rehabilitation of Anacostia Gardens in early 2020 in order to provide upgrades to all major building systems, as well as refurbishment of the facility’s common areas and exteriors. This rehabilitation improved Anacostia Garden’s long-term financial viability and market appeal, thereby preserving this affordable property for another generation.
Financing
Secured financing and funding for this redevelopment project included:
| $9,850,000 | DHCD Debt |
| $9,175,000 | Long-term Bonds |
| $8,105,516 | 4% LIHTC Equity |
| $1,108,855 | Deferred Developer Fee |
| $133,000 | Interim Income |
ACQUISITION / PRESERVATION
Total Cost
| $8,876,000 |
Description
Anacostia Gardens is comprised of 37 single-bedrooms, 49 two-bedroom, and 14 three-bedroom units. All of its households are at or under 60% AMI, and receive rental subsidy through a project-based Housing Assistance Payment contract with HUD.
Financing
Secured financing and funding for this project included:
| $6,400,000 | Eagle Bank |
|---|---|
| $2,400,000 | LISC |
| $76,000 | Equity |