Ridgecrest Village Apartments
Affordable Housing in Washington, DC
Ridgecrest Village Apartments is a 272-unit, 13-building apartment community located in the Congress Heights neighborhood of Washington, DC. This property was acquired in 2019 in partnership with the Ridgecrest Village Tenant Association, which assigned their Tenant Opportunity to Purchase Act (TOPA) rights to NHPF to ensure the property’s long-term affordability. Working in partnership with the Tenant Association, NHPF has overseen a two-phased rehabilitation that will substantially and sustainably modernize the community. The first, 140-unit phase of the rehabilitation began in Fall 2022, and is scheduled for completion in Spring 2024. The second, final phase of the rehabilitation, which consists of the remaining 132 units, will begin construction in Spring 2024 and be complete in Fall 2025.
REDEVELOPMENT – PHASE 2
Total Cost
| $47,296,929 |
Description
The substantial rehabilitation of the remaining seven buildings focuses on meeting the District’s energy-efficiency goals while improving resident comfort and safety. Major upgrades include decarbonization and full electrification of building systems (transitioning off of gas); full HVAC replacement to high-efficiency individual heat-pump systems; improvements to the building envelope and insulation; replacement of all windows; new domestic water and sanitary piping; new kitchens and bathrooms; and replacement of all parking lots. Financing for the rehabilitation of Ridgecrest Phase 2, which consists of 132 units, closed in January 2024. Construction will begin in Spring 2024.
Financing
This community is the first residential 501c3 bond transaction in the District; there are no LIHTCs in the capital stack. Financing sources are as follows:
| $13,250,000 | First Mortgage |
| $23,252,125 | DC Housing Production Trust Fund |
| $5,000,000 | DOEE Funds |
| $2,250,000 | DC Green Bank Funds |
| $961,677 | HOME |
| $2,060,307 | Deferred Developer Fee |
| $522,820 | Interim Income |
REDEVELOPMENT – PHASE 1
Total Cost
| $48,922,762 |
Recapitalization of the first phase of Ridgecrest Village (140 units) closed in September of 2022. This substantial rehabilitation of six buildings at the property will include installation of a new, more efficient HVAC system with new water piping, replacement of all exterior windows, updating and replacement of older kitchens with new cabinets, countertops, and kitchen fixtures, and updating of bathrooms with new bathtubs, vanities, shower controls, and toilets. Construction on Phase 1 is expected to be complete in Spring 2024.
FInancing
Secured financing and funding for this redevelopment project included:
| $14,041,022 | 4% LIHTC Equity |
| $13,900,000 | First Mortgage |
| $16,133,487 | DC Housing Production Trust Fund |
| $2,792,245 | DC LIHTC Equity |
| $1,534,713 | Deferred Developer Fee |
| $521,315 | Interim Income |
ACQUISITION
Total Cost
| $31,106,440 |
The property consists of 1, 2, and 3 bedroom units in 13 three-story buildings. 50% of the units are at 80% AMI.
Financing
Secured financing and funding for this project included:
| $21,075,000 | Chase Senior Mortgage Debt |
|---|---|
| $7,500,000 | DHCD DHCD/Capital Impact Partners Subordinate Debt |
| $2,524,740 | Seller Note |