Benning Heights
Affordable Housing in Washington, DC
In Washington, DC the Benning Heights Tenants Association (BHA) found that their building was being sold. The market price for the property would likely make rents unaffordable. Using the powers afforded them under the District of Columbia’s TOPA, BHTA partnered with NHPF to have the market-based purchase contract assigned to them and acquire the property. Benning Heights Apartments is a 148-unit all brick, garden style walkup apartment community. The property is made up of one-, two- and three-bedroom units, spread over 24, two-story buildings. Amenities at this community include central air conditioning, garbage disposals, on-site laundry facility, playground, on-site security, of-street parking, and convenient public transportation. Benning Heights is located just minutes from DC’s public transportation system making it an ideal home for commuters
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
| $32,229,304 |
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 |