Villages of East River

305 37th St, SE, Washington, DC 20019

Project Summary

The Villages of East River Apartments are 202 units of affordable housing located in Wards 7 and 8 in Washington, DC.

The Positive Change Tenants Association exercised its right to purchase these buildings under the DC Tenant Opportunity to Purchase Act (TOPA). After interviewing several developers theychose to assign their purchase rights to the team of NHT Communities and IBF Development. The residents selected us to help them realize their vision of transforming old and rundown buildings into a much improved and better managed place to call home. As a result, our team acquired the property on March 20, 2017, and closed on financing to renovate the property in 2023. This property is currently under renovation.

The 202 apartments are comprised of 74 one-bedroom units and 128 two-bedroom unitsin 16 buildings. The buildings are 2- and 3-story brick garden apartments located within a 3-mile area east of the river bounded by East Capitol Street, SE to the north and Suitland Parkway to the south. They are located in the neighborhoods ofAnacostia, Fort Dupont/Greenway and Marshall Heights. From new roofs, new pipes, new windows, new HVAC systems, new flooring and new kitchens and bathrooms, our plan will resolve the long list of challenges, andprepare the Villages of East River to provide a high-quality environment for many years to come.

Financing

The project’s total development costs are $96 million. Financing during the construction period includes million in tax exempt bonds from the DC Housing Finance Agency, and permanent financing will include federal low-income housing tax credits (LIHTC), DC low income housing tax credits, solar tax credits, a Housing Production Trust Fund (HPTF) loan, Community Development Block Grant funds, permanent and construction loans from JP Morgan Chase Bank, a grant from DCSEU and a combination of Sponsor loans, Seller Note and deferred developer fee.

When completed this project will serve households at 30%, 50% and 60% of AMI, serve as permanent supportive housing (PSH) to several households, and providemuch needed high-quality renovated housing families.