17 Mississippi Apartments
Affordable Housing Coming Soon to Washington, DC
Due to be completed in mid-2023, 17 Mississippi Apartments will provide 41 units of newly constructed affordable housing in the Bellevue neighborhood of Southeast Washington, DC. This new six-story building—four wood-framed stories on top of a two-story concrete podiumwill be built into a gently sloping hillside on the south side of Mississippi Avenue and will provide 10 on-site parking spaces. The units will be a mix of studios, one bedrooms, and three bedroom apartments.
Total Cost
| $22,841,444 |
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 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:
| $8,867,353 | 4% LIHTC Equity |
| $8,699,866 | DC Housing Production Trust Fund Debt |
| $4,241,000 | Citi Community Capital Permanent Loan |
| $600,000 | Deferred Developer Fee |
| $422,490 | Housing Production Trust Fund Accrued Interest |
Construction Period Financing
| $10,300,000 | Citi Community Capital Construction Loan |