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176 affordable units in Ward 8 will be preserved

This will be the residential development’s first major renovation since it opened in 2002

Photo courtesy of the D.C. Housing Finance Agency

Near Anacostia, more affordable housing will be preserved, thanks to the D.C. Housing Finance Agency (DCHFA) closing on its first U.S. Department of Housing and Urban Development (HUD) Level I 50/50 Risk Share 542 loan. The units are located at Woodmont Crossing Apartments in 2327 Good Hope Road SE. The loan totaled $25,543,000 in HUD insured tax exempt bonds.

This will be the first major renovation at Woodmont Crossing Apartments since it opened in 2002. It is a 100 percent affordable community for households earning up to 60 percent of the area median income. It houses 120 two-bedroom and 56 three-bedroom apartments. Once renovations begin, tenants will temporarily relocate during the day while their units are being repaired.

To date, there are 35 housing finance agencies in the Risk Share program. HUD approved DCHFA as a 50/50 Risk Share lender in April 2017, according to a press release. The DCHFA is the only D.C.-based housing agency that participates in the Risk Share program, and by participating, it receives higher bond ratings resulting in lower borrowing costs and savings passed on to borrowers and tenants.