Takoma Place Apartments
Affordable Housing in Washington, DC
Constructed in 1953, the Takoma Place Apartments are adjacent to the Walter Reed Army Hospital Campus along a gentrifying corridor in the Nations Capital. On 2017, NHPF worked with the Takoma Place Apartments Tenants Association to acquire the property using the District of Columbia’s Tenant Opportunity to Purchase Act (TOPA). Takoma Place consists of seven, four-story apartment buildings. Its garden-style complex is located across the street from the former Walter Reed Medical Center, which is being redeveloped into a 3.1 million square foot mixed use campus.
REDEVELOPMENT
NHPF and the Tenants Association are partnering to undertake a $31.7 million rehabilitation of the property using low income housing tax credits as well as subsidies provided by DC Government.
Total Cost
| $38,265,000 |
Description
Takoma Place is comprised of 104 residential units. All Takoma Place households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
Financing
The purchase price for the Takoma Place Apartments was $16,550,000. Secured financing and funding for this project included:
| $8,500,000 | Citi Community Capital |
|---|---|
| $7,500,000 | LISC |
| $550,000 | Seller Note |