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The District of Columbia Housing Finance Agency (DCHFA) is providing a significant financing package to support the substantial rehabilitation of Henson Ridge, a 178-apartment community. The agency has issued $40 million in tax-exempt bonds and underwritten $37.5 million in federal equity along with $9.3 million in Low-Income Housing Tax Credit (LIHTC) equity. These commitments will help fund a proposed $103 million rehabilitation program focused on preserving and upgrading the existing housing stock.
Urban Atlantic Development LLC and Capitol Housing Partners LLC, a subsidiary of the DC Housing Authority, are serving as the development team for the initiative, which is referred to as Henson Ridge II. Their role will be to execute a comprehensive renovation plan for all 178 apartments, with a unit mix that spans a wide range of bedroom counts to accommodate different household sizes.
The community currently includes 52 one-bedroom units, 28 two-bedroom units, 50 three-bedroom units, 38 four-bedroom units, and 10 five-bedroom units. Of the 178 residences, 64 are designated as LIHTC units, while the remaining 114 are project-based voucher units. This structure is intended to maintain long-term affordability across the property and sustain housing options for residents with lower incomes.
Planned rehabilitation work encompasses both structural and interior upgrades. The scope includes replacing roofs, windows, doors, kitchens, and bathrooms throughout the property. In addition, the project calls for modernizing HVAC and other mechanical systems, aiming to improve building performance and the quality of life for residents. These improvements are designed to extend the useful life of the property while keeping its affordable housing mission intact.
Christopher E. Donald, Executive Director and CEO of DCHFA, emphasized that the investment is focused on preserving homes for existing residents and sustaining larger bedroom configurations that can serve families. He noted that by investing in these 178 homes, the agency is modernizing the buildings and protecting long-term affordability for households that have long-standing connections to the community. The combination of tax-exempt bonds, federal equity, and LIHTC equity underscores the use of multiple public and private capital sources to support the rehabilitation effort.
The Henson Ridge rehabilitation reflects the ongoing use of bond financing and LIHTC equity to recapitalize aging multifamily properties, particularly those serving residents with project-based vouchers and income-restricted units. By pairing a substantial capital plan with targeted improvements to core building systems and interiors, the project is positioned to maintain affordability while delivering an upgraded living environment for current and future tenants.
The post DCHFA Backs $103M Rehabilitation of 178 Henson Ridge Apartments in Washington, DC appeared first on CRE Market Beat.
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