Non-profit real estate corporation, the NHP Foundation, has raised $11.2 million for the rehabilitation of the Parkchester Apartments. The funding was raised through a financial partnership with the District of Columbia Housing Finance Agency (DCHFA) and Citi Community Capital. The arrangement also covered a second mortgage of $6.4 million from the DCHFA and tax credit equity from PNC Bank. Consisting of 94 units, the four garden-style buildings are centrally located at 2704 Wade Road SE, in the Barry Farm neighborhood. The property consists of one-, two- and three-bedroom units and features 20 parking spaces and three laundry facilities. The property’s units will be developed and rehabilitated by NHPF.
The NHP Foundation aims to preserve affordable housing for Washington, D.C. residents and has committed to set aside 100 percent of the apartments for renters that earn less than 60 percent of the area’s median income. A HUD Housing Assistance Payment contract, in effect through 2034, covers the units and subsidizes the rent of the families earning 50 percent or less of the area’s median income.
