The Roundtree Residences
Affordable Housing in Southeast Washington, DC
The Roundtree Residences is a 91-unit senior housing development in southeast Washington, DC. Construction began in January, 2012 and was completed in March, 2013. The Roundtree Residences is owned in partnership with Vision of Victory CDC (VOV), which is a part of Allen Chapel AME Church, a pillar of the surrounding community. NHPF served as developer of the property in partnership with VOV and District Development Group, LLC, a local for profit development company.
The property includes a community room, internet café, exercise room, and an onsite medical clinic for residents. NHPF was committed to having this project contribute to local economic development. 65% of construction sub-contracting was with local (Ward 8), small, or disadvantage business and 15% of labor-hours were with local residents. Both of these were well in excess of local requirements.
Total Cost
| $16,265,673 |
Description
This property is 80% affordable at 60% AMI and 20% affordable at 50% AMI. There are 80 one-bedroom units and 11 two-bedroom units.
Permanent Financing
| $5,050,000 | Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC) |
|---|---|
| $88,250 | LIHTC additional payment for equity closing costs (Bank of America) |
| $5,131,401 | LIHTC Syndication Proceeds (Bank of America) |
| $5,000,000 | HOME Loan (DC Department of Housing and Community Development) |
| $651,946 | Neighborhood Investment Fund (Sponsor Loan) |
| $171,610 | Deferred Development Fee (Sponsors) |
| $169,446 | Accrued and Deferred Interest (Sponsors and DHCD) |
Construction Period Only Financing
| $2,388,000 | Short Term Bond Purchase/Bridge Loan (Bank of America) |
|---|---|
| $5,130,236 | Letter of Credit (Bank of America) |