 410 Cedar Street NW
The Department of Housing and Community Development (DHCD) has provided $4.5 million in financing that will preserve 30 units of affordable housing for low-income households in Ward 4.
“Preserving affordable housing is a very important strategy to help tenants remain in the District," said DHCD Director Polly Donaldson. "The tenants were engaged and determined to use the financial resources that we have available. We are very fortunate to have the tools that could help them."
Anchor Preservation LLC, an entity jointly owned and operated by Wesley Housing Development Corporation and Joseph Development Inc., received $4.5 million in financing from the Housing Production Trust Fund (HPTF) and equity raised through the allocation of $434,000 in 9% low-income housing tax credits to rehabilitate a 30-unit apartment building at 410 Cedar Street NW in Ward 4.
The project also received $5.7 million in initial acquisition financing from the Housing Preservation Fund, a public-private affordable housing investment fund created by Mayor Bowser on the recommendation of the DC Housing Preservation Strike Force.
Tenants organized and assigned their rights to purchase the building to the development team which is permissible under the District's Tenant Opportunity to Purchase Act (TOPA). Twenty-three units will be for households whose annual income fall within $52,900 and $75,600; four units will be for households earning between $55,750 and $79,600; and three units will be permanent supportive housing units for very low-income tenants.
Completion date for this project is estimated to be in Fall 2021.
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