The District of Columbia Housing Finance Agency (DCHFA) says it is financing the $118 million construction of The Paxton, 148 affordable apartments in Ward 7.
The agency issued $46.92 million in tax exempt bonds and underwrote $42.02 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity for the project. All units at this property will be reserved for residents earning 50 percent or less of the area median income (AMI). There was also a $29.02 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development.
Developed by Foulger-Pratt and Enduring Affordable Housing Corporation, this property will include a clubhouse, business center, courtyard, exercise facility, garage parking, bike storage, tenant storage units, concierge services and on-site security.
“It is more important now than ever to ensure we continue to finance deeply affordable housing for those earning below 50 and 30 percent AMI. This project will ensure that D.C. residents can continue to live in the city they’ve always called home and be able to do so affordably,” DCHFA executive director/CFO Christopher E. Donald said in a Sept. 6 statement. “This development will get the District 148 units closer to Mayor Muriel Bowser’s goal of 12,000 new affordable units by 2025.”
The Paxton is only 0.1 miles from the H Street Corridor which boasts restaurants, grocers, pharmacies, and the Kaiser Permanente Capitol Hill Medical Center.
This community will consist of eight efficiencies, 87 one-bedrooms, 16 two-bedrooms and 37 three-bedrooms. Fifteen apartments will be designated Permanent Supportive Housing (PSH) and receive Local Rent Subsidy Program vouchers. PSH units will be reserved for residents earning 30 percent or less AMI and will receive support services through Community of Hope. All residents will have access to services through Hope Multiplied, to include education and mentoring opportunities, play therapy for children, entrepreneurial development, employment and workforce training, mental and physical health services, and community connection events.
“Foulger-Pratt is pleased to have the opportunity to participate in an affordable housing development of such importance and share our expertise in building contemporary apartment homes with the same full set of features and amenities found in market-rate housing,” said Brigg Bunker, Foulger-Pratt’s managing partner and Chief Operating Officer, Foulger-Pratt. “The Paxton represents our continued commitment to building and preserving affordable and attainable housing in the Washington, D.C. market.”