The DC Department of Housing and Community Development (DHCD) has closed a $13.8 million loan from the Housing Production Trust Fund (HPTF) that will produce 76 affordable housing units in Ward 6.

“Mayor Bowser has set a very clear goal of producing 12,000 affordable housing units by 2025,” said DHCD Director Polly Donaldson. “We’re excited to get started with providing Housing Production Trust Fund financing for a project that will help retain affordability for residents in the Buzzard Point neighborhood.”

DHCD provided $13.8 million in HPTF financing to TM-DBT Limited Partnership, an entity comprised of TM Associates and UPO Community Development Corporation, to construct a new 76-unit mixed-use apartment building at 1550 First Street SW. The project also received bond financing and low-income housing tax credit equity from the DC Housing Finance Agency (DCHFA).

The property will consist of ground floor retail space and 10 floors of residential units above. The unit mix for the apartments will feature 60 apartments for households with annual incomes between $42,500 to $60,650; and 16 apartments for households with annual incomes between $25,500 to $36,400.

The projected completion date for the building, which will be LEED certified, is estimated to be in Winter 2020/Spring 2021.