Coming Soon: The Strand Residences

Affordable Housing Coming Soon to Washington, DC

Once 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

$ 12,265,000District’s New Communities Initiative
$ 12,265,0004% LIHTC (Enterprise Housing Credit Investments)
$ 8,500,000Tax-exempt Freddie Mac loan by JLL
$ 1,900,000Deferred Development Fee

Construction Period Only Financing

$ 11,000,000Short term tax-exempt bonds (D.C. Housing Agency)

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