The District of Columbia Housing Finance Agency (DCHFA) issued $48.26 million in tax exempt bonds, underwrote $34.9 million in federal and $6.8 million in DC Low-Income Housing Tax Credit equity for the construction of Harvard Court Apartments.
Additional financing for the development is provided by a $24.3 million loan from the DC Department of Housing and Community Development’s Housing Production Trust Fund. Located at 1425 Harvard Street NW, Harvard Court Apartments will include 108 one, two, and three-bedroom apartments restricted at the 30 and 50 percent area median income levels.
“Bringing new affordable housing to Columbia Heights is about more than building units—it’s about protecting the diversity and vitality that give this neighborhood its soul,” said Christopher Donald, Executive Director/CEO, DCHFA. The NHP Foundation, Columbia Heights Village Tenants Association, Inc. and Change All Souls Housing Corp. are the developers of Harvard Court Apartments, a $100 million project.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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