NHPF remains very concerned regarding the overall health and well-being of our 25,000 residents during the Covid-19 crisis. We have been actively working with our third-party management companies in taking steps such as increased cleaning of common areas, limiting resident contact except for emergency situations and, through our resident services program subsidiary Operation Pathways, providing resources for financial assistance, food, medicine, transportation, and needed supplies. In addition, we have placed a moratorium on all evictions for non-payment of rent for the duration of this crisis and are actively engaging our residents who have been financially impacted to discuss payment plans. We fully appreciate the social and emotional tolls the length of this crisis have taken on our residents and we will follow all local and state government directives regarding the reopening of our sites and community centers. The safety and well-being of our residents remains our highest priority.

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

$5,050,000Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC)
$88,250LIHTC additional payment for equity closing costs
(Bank of America)
$5,131,401LIHTC Syndication Proceeds (Bank of America)
$5,000,000 HOME Loan (DC Department of Housing and Community Development)
$651,946Neighborhood Investment Fund (Sponsor Loan)
$171,610Deferred Development Fee (Sponsors)
$169,446Accrued and Deferred Interest (Sponsors and DHCD)


Construction Period Only Financing

$2,388,000Short Term Bond Purchase/Bridge Loan (Bank of America)
$5,130,236Letter of Credit (Bank of America)