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.


Total Cost

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:

$13,250,000First Mortgage
$23,252,125DC Housing Production Trust Fund
$5,000,000DOEE Funds
$2,250,000DC Green Bank Funds
$2,060,307Deferred Developer Fee
$522,820Interim Income


Total Cost


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.

Secured financing and funding for this redevelopment project included:

$14,041,0224% LIHTC Equity
$13,900,000First Mortgage
$16,133,487DC Housing Production Trust Fund
$2,792,245DC LIHTC Equity
$1,534,713Deferred Developer Fee
$521,315Interim Income


Total Cost


The property consists of 1, 2, and 3 bedroom units in 13 three-story buildings. 50% of the units are at 80% AMI.

Secured financing and funding for this project included:

$21,075,000Chase Senior Mortgage Debt
$7,500,000DHCD DHCD/Capital Impact Partners Subordinate Debt
$2,524,740Seller Note