The Strand Residences
Affordable Housing in Washington, DC
Completed in the first quarter 2021, The Strand Residences will bring 86 affordable apartments (71 one-bedroom and 15 two-bedroom units) to the Deanwood neighborhood. One-third of the units (or twenty-eight units) will be replacement housing for the nearby Lincoln Heights and Richardson Dwelling properties and will be affordable to households who earn less than 30% of the area median income. The building also has two retail bays for neighborhood-based companies, a gym and bike locker, a patio and lounge, and two large community rooms. The Residences is next door to the Strand Theater, a historic landmark that the NHP Foundation intends to renovate in 2020.
Total Cost
| $ 38,265,000 |
REDEVELOPMENT
NHPF is collaborating on the project with The Warrenton Group and the Washington Metropolitan Community Development Corp (WMCDC) to undertake a $38 million redevelopment project utilizing low income housing tax credits and tax-exempt bonds, as well as subsidies provided by DC Government.
Permanent Financing
| $ 12,265,000 | District’s New Communities Initiative |
| $ 12,265,000 | 4% LIHTC (Enterprise Housing Credit Investments) |
| $ 8,500,000 | Tax-exempt Freddie Mac loan by JLL |
| $ 1,900,000 | Deferred Development Fee |
Construction Period Only Financing
| $ 11,000,000 | Short term tax-exempt bonds (D.C. Housing Agency) |