As a result of the Tenant Opportunity to Purchase Act (TOPA) and funding available through the Housing Production Trust Fund (HPTF), the D.C. Department of Housing and Community Development (DHCD) closed a $2.5 million loan agreement that will preserve 49 affordable housing units in Ward 5’s Fort Totten neighborhood.
According to a press release, the financing will go towards Tivoli Gardens, located at 4811 North Capitol Street NE. 37 of the units will be for households making up to 60 percent of the Area Median Income (AMI), eight units will be for those making up to 50 percent AMI, and four will be for those making up to 30 percent AMI.
In a statement, DHCD Director Polly Donaldson said, “Thanks to a team of dedicated government officials, nonprofit partners and tenants—and using all of the tools in our affordable housing toolbox—we are preserving affordable housing in a growing neighborhood, close to a Metro station, major bus lines and new retail amenities.”
The announcement of the loan agreement is part of Bowser’s Pathways to the Middle Class week, a week of events that highlight the resources and programs available to expand economic prosperity to Washington, D.C. Since coming into office, the Bowser administration has preserved or created at least 9,900 affordable units.