WASHINGTON, January 15, 2019 – The Michaels Organization and its development partners, Emmanuel Baptist Church, and Ainger Place Development Corporation will host a ceremonial groundbreaking for Ainger Place Apartments, a new three-story, 72-unit affordable apartment community being constructed in Washington, D.C.’s Ward 8. The $29.3 Million housing development will be 100 percent affordable for families with incomes up to 50 percent of the Area’s Median Income (AMI) and will have eight apartments permanently set-aside for the formerly homeless. Financing includes $10.1 million raised through the sale of federal Low Income Housing Tax Credits, $13.75 million via tax-exempt bonds, issued by the D.C. Housing Finance, Agency, a $5.95 million HUD FHA-insured loan from SunTrust Bank, and $10.69 million from the Washington, D.C.’s Housing Production Trust Fund.
Speakers will include:
Demolition & Abatement of 45,000 SF Ainger Place Apartments for this Washington, DC tear down.
Demolition & Abatement:
In the Southeast neighborhood of Randle Heights, there are plans to construct a brand new apartment building with 74 units. If approved, the development, called Ainger Place Apartments, will be built on an approximately two acre site with three lots situated on it. All of the units will be targeted to households making less than 50 percent of the area median income, according to Board of Zoning Adjustment documents. There will be a total of eight permanent supportive housing units for women at risk of homelessness.
The site at 2409-2412 Ainger Place SE currently houses a parking lot and a 1960s-built apartment building containing 24 partially occupied units. In the Board of Zoning Documents, the currently existing apartment building is described as being in such poor conditions that a renovation would not be economically feasible.
The units will range from one-bedroom units to two- and three-bedroom units. There will be a gym, a lower-level 65-space garage, and a laundry room. There are also plans for a tot lot, courtyard, and a business center and community/club room.
In the Board of Zoning Adjustment documents, it reports that the affordable housing development is part of a faith-based community initiative that has been over five years in the making by the Emmanuel Baptist Church.
The DC Post reports, The Michaels Organisation in partnership with Ainger Place Development Corp is developing 72-unit Ainger Place Apartments in the Randle Heights neighborhood of Washington, D.C. that will provide affordable housing to residents earning between 30% and 50% of the area median income.
About $10.1 million will be invested in low-income housing tax credit (LIHTC) equity in Ainger Place Apartments, the Riverside Capital announced. A vacant space will be filled and an existing building demolished for making the new three-story community apartments.
Featuring 34 single, 30 double, and eight three-bedroom apartments, the housing units will be affordable for households earning area median income. The D.C. Housing Authority will provide subsidy to 18 units (30 percent) under 15-year Local Rent Supplement Program. Women who are in need of permanent supportive housing (PSH) will be provided one-bedroom units which will be reserved for them, according to the officials.
The Michaels Organization will develop and manage the property in conjunction with Ainger Place Development Corp., a nonprofit founded by Emmanuel Baptist Church.
“Ainger Place Apartments will be an example of how Michaels creates communities that lift lives through partnering with community pillars such as Emmanuel Baptist Church and Ainger Place Development Corp.,” said Chris Earley, vice president of development at Michaels. Read More
The District released funds earlier this year to pave the way for development of the two-acre site at 2409 Ainger Place SE. New construction will replace an existing, partially-occupied apartment building with 72 apartments. Eight of the units will be transitional housing for homeless women; the development is also in partnership with the adjacent Emmanuel Baptist Church.
Project type:Rental apartments
No. of units:72
Types of units:One-, two- and three-bedroom apartments
Amenities:Fitness area, community room, laundry, tot-lot, resident courtyard, and parking for 36 vehicles
Washington, D.C., Oct. 31, 2018 (GLOBE NEWSWIRE) -- The District of Columbia Housing Finance Agency (DCHFA) kicked off Fiscal Year 2019 with the closing of $144 million in financing to create and preserve 484 units of affordable housing in the District. The Agency issued $84 million in bond financing, underwrote $60 million in four percent low income housing tax credits (LIHTC) for Ainger Place Apartments (Ward 8), Mass Place Apartments (Ward 2) and The Residences at St. Elizabeth’s East (Ward 8) all in a single week. “DCHFA is starting the new fiscal year focused on our mission of financing homes affordable to the residents of the District. We’re only a month into FY 2019 and DCHFA’s Multifamily Lending staff is off to a great start. We anticipate a year of robust funding activity of rental and for-sale homes and continued collaboration with our counterparts at the District’s housing agencies,” stated Todd A. Lee, Executive Director and CEO, DCHFA. The DC Department of Housing and Community Development (DHCD) provided $51 million from the Housing Production Trust Fund for the development of Ainger Place Apartments, Mass Place Apartments and The Residences at St. Elizabeth’s. Last week’s development activity also includes 31 units of which the DC Housing Authority (DCHA) will oversee as a part of the Local Rent Supplement Program (LRSP). In all, the District’s housing agencies provided over $195 million in funding for these three important housing developments.
Read more HERE
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