Parkchester
Multi-Family Affordable Housing in Washington, DC
In Washington, DC, the Parkchester Tenants Association (PTA) found that their building was being sold despite years of deferred maintenance and other capital needs never addressed by the previous owner. Using the powers afforded them under the District of Columbias Tenant Opportunity Purchase Act (TOPA), PTA partnered with The NHP Foundation to have the market-based purchase contract assigned to them and acquire the building.
Originally constructed in 1978, Parkchester Apartments is situated on 6 acres of well-maintained and landscaped grounds. The 92 unit, one story cottage-style property features spaciously designed two and three-bedroom apartments. All units offer fully equipped kitchens, frost-free refrigerator/freezers, garbage disposals and spacious patios. The property also offers an on-site laundry facility, outside grills, and community activities.
REDEVELOPMENT
Total Cost
| $24,286,000 |
Description
PTA and NHPF undertook a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government and U.S Department of Housing and Urban Development.
Financing
Secured financing and funding for this project included:
| $9,500,000 | Tax Exempt Bonds |
|---|---|
| $8,091,000 | Federal Low Income Housing Tax Credits (LIHTC’s) |
| $117,000 | Existing Property Reserves |
| $115,000 | Interim Income |
| $6,473,000 | Subordinate Loan |
ACQUISITION / PRESERVATION
Total Cost
| $10,000,000 |
Description
Parkchester Apartments of 63 single-bedrooms units, 19 two bedroom units, and 12 three-bedroom units. 100% of current households receive rental subsidy through a project-based Housing Assistance Payment contract with HUD.
Financing
Secured financing and funding for this project included:
| $6,740,000 | PNC Bank |
|---|---|
| $2,500,000 | LISC |
| $760,000 | Equity |