A new affordable housing development will bring 100 apartments to Northeast º¬Ð߲ݴ«Ã½’s Woodridge neighborhood.
The $81.6 million project at 2911 Rhode Island Ave. NE received $35.1 million in tax-exempt bonds and over $31 million in housing tax credit equity from the District of Columbia Housing Finance Agency.
The developer, Lincoln Westmoreland Housing, also secured a $26.1 million loan from the city’s Housing Production Trust Fund.
The development will include a mix of studio, one-, two- and three-bedroom units. All apartments will be reserved for residents earning 30% to 80% of the area’s median income, with 21 units set aside for permanent supportive housing.
The building will include a gym, community room, garage parking and bike storage. Residents will have access to community activities and educational programs.
The project expands DCHFA’s work providing financing for affordable rental housing developments across the District through tax-exempt bonds and other funding mechanisms.