A joint venture between Neighborhood Development Co., Tennyson Ventures and The Ardent Co. have been granted $11.1 million in bond financing for the construction of a senior housing community in northeast Washington, D.C. The D.C. Housing Finance Agency (DCHFA) issued the funding for the 65 unit project located on Bladensburg Road, N.E. The development will encompass units reserved for seniors of Ward 5’s Trinidad neighborhood, with 52 of the units being reserved for senior residents with incomes 50 percent of area’s median income or below. The remaining 13 units will be leased to seniors earning 30 percent of AMI or below. Additional sources of revenue for the scheme will come from the D.C. Department of Housing and Community Development’s (DHCD) Housing Production Trust Fund ($10.8 million loan) and from Enterprise Community Investment Inc. ($6.9 million) from equity raised through the syndication of Low Income Housing Tax Credits.
“With its proximity to the thriving H Street corridor, Trinidad has become a sought-after neighborhood. The construction of 1164 Bladensburg Apartments will give seniors access to the community’s amenities at rental rates that are affordable,” said Todd Lee, executive director & CEO of DCHFA, in prepared remarks.
