The District of Columbia Housing Finance Agency has issued $63 million in tax-exempt bonds to help build 229 affordable apartments in Southeast º¬Ð߲ݴ«Ã½.
The project, known as Barnaby & 7th Phase II, will receive $47.1 million in federal and $10.4 million in D.C. Low Income Housing Tax Credit equity. It continues redevelopment of the former Belmont Crossing complex in Ward 8.
“We are proud to continue the agency’s relationship with Gilbane Development and its team and the residents of the former Belmont Crossing to transform this community,” said Christopher E. Donald, executive director/CEO of DCHFA. “This development will not only be transformative for the residents but impactful for the º¬Ð߲ݴ«Ã½ Highlands neighborhood.”
The $135 million development will include efficiency through three-bedroom units in four new buildings, with rents set for residents earning 30%, 50% or 80% of area median income. One building will provide permanent supportive housing for formerly homeless residents, including on-site services.
Developers are Gilbane Development Company, MED Developers, Equity Plus Manager LLC and Housing Help Plus. The D.C. Department of Housing and Community Development provided a $42.9 million Housing Production Trust Fund loan.
Former residents of Belmont Crossing used their rights under the Tenant Opportunity to Purchase Act to work with developers on the redevelopment plan.
The housing agency previously provided $48.8 million in tax-exempt bonds and $41.5 million in federal tax credit equity for Phase I in 2022, which is creating 169 apartments.