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.
NHPF is collaborating on the project with The Warrenton Group and the Washington Metropolitan Community Development Corp (WMCDC) to undertake a $38 million redevelopment project utilizing low income housing tax credits and tax-exempt bonds, as well as subsidies provided by DC Government.
|$ 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)|