Bowser Administration works with DCHA to Continue Unprecedented Efforts to Produce and Preserve Affordable Housing
(WASHINGTON, DC) – (RealEstateRama) — Mayor Bowser and the District of Columbia Housing Authority (DCHA) broke ground on Square 769N, a new mixed-use development project that will include 179 mixed-income apartments, including 36 affordable units, 4,000 square-feet of commercial retail space, and various residential common areas. They were joined at the groundbreaking by members of the community, Forest City, and Urban Atlantic.
“My Administration is using every tool in our toolbox to produce and preserve more affordable housing in the District,” said Mayor Bowser. “Today’s groundbreaking in the Capitol Riverfront is an example of what can happen when public and private, local and federal entities come together to meet our common goal of advancing inclusive prosperity for residents in Washington, DC.”
The nearly $74 million complex, located adjacent to Canal Park, is yet another example of how the DC Government is working together with DCHA and other local and federal partners to produce and preserve more affordable housing in Washington, DC. Funding for the building included a $1.85 million investment from the DC Housing Production Trust Fund as well as Low-Income Tax Credits and EB-5 funding (immigrant investor program), a first-time effort for DCHA to attract capital investment from foreign investors in the development. In 2015, while leading a District delegation on an economic development mission to China, Mayor Bowser announced $155 million of EB5 investments into District development projects that will produce more affordable housing and job opportunities for DC residents.
“I’m so proud to continue the great work of bringing new homes to our community,” said DCHA Executive Director Adrianne Todman. “This building will offer great amenities to its affordable and market-rate residents, alike.”
One of the largest Hope VI projects in the nation, Capitol Quarter and Capitol Riverfront will create more than 1,700 rental and homeownership units, including a one-for-one replacement of the original 707 affordable units that were part of the Capper/Carrollsburg development, 732,000 square-feet of commercial space, and a community center.
Square 769N will feature high-quality amenities, and is in walking distance to the Navy Yard Metro Station, a grocery store, restaurants, and the Nationals Stadium. As the first building in the Capitol Riverfront to use an innovative regional stormwater management facility at Canal Park to manage its stormwater requirement, it will also be a model for sustainability in the community.
The groundbreaking comes one month after Mayor Bowser released “DC Values in Action: A Roadmap to Inclusive Prosperity,” the Mayor’s Fiscal Year 2018 Budget and Financial Plan and the third consecutive budget to include a $100 million investment in the Housing Production Trust Fund. In addition, DC Values in Action includes a $10 million investment in a new Housing Preservation Fund, ensuring the preservation of more affordable units.