In a significant move to enhance affordable housing, the District of Columbia Housing Finance Agency (DCHFA) has secured substantial funding for the rehabilitation of Henson Ridge Apartments in Ward 8. This initiative aims to restore and modernize 124 townhomes, ensuring they meet contemporary living standards while supporting low-income families.

Empowering Communities Through Strategic Investment and Modernization

The Urgency of Renovation

The Henson Ridge Apartments, initially constructed in 2006 under the HUD HOPE VI program, have seen considerable wear over the years. The need for comprehensive renovation is critical as the community faces outdated infrastructure and systems that no longer comply with current building codes or energy efficiency standards. Replacing roofs, windows, doors, kitchens, bathrooms, and mechanical systems will not only improve residents' quality of life but also ensure the longevity and sustainability of these homes.The project's developers, Urban Atlantic Development and Capitol Housing Partners, LLC, recognize the importance of timely intervention. By initiating renovations in Spring 2025, they aim to complete the transformation within 28 months, bringing renewed vibrancy to this vital neighborhood by Spring 2027. During this period, all residents will be temporarily relocated to vacant on-site units, minimizing disruption and ensuring their safety and comfort.

A Financial Blueprint for Success

To finance this ambitious undertaking, DCHFA has issued $34 million in tax-exempt bonds and secured $21.2 million in federal Low Income Housing Tax Credit equity, along with an additional $4.3 million from DC-specific credits. These funds are crucial in lowering development costs, making it feasible to deliver high-quality renovations at an affordable price point.Christopher E. Donald, Executive Director/CEO of DCHFA, emphasized the significance of this investment. "This transaction marks a pivotal moment in revitalizing Henson Ridge, restoring these townhomes to their former glory, and providing a healthier living environment for residents," he stated. The financial strategy ensures that developers can access the necessary capital without placing undue financial strain on the community or taxpayers.

Building a Sustainable Future

Beyond immediate improvements, the renovation plan incorporates sustainable practices and technologies. Energy-efficient appliances, advanced insulation, and eco-friendly materials will reduce utility costs and environmental impact. This approach aligns with broader city goals of promoting green living and reducing carbon footprints.Moreover, the project prioritizes inclusivity by maintaining affordability for residents earning up to 60 percent of the area median income. Sixty-eight units will continue to benefit from operating subsidies through Rental Assistance Demonstration and Project-Based Vouchers, ensuring long-term stability for vulnerable populations.

Empowering Residents and Strengthening Neighborhoods

The revitalization of Henson Ridge represents more than just physical upgrades; it symbolizes a commitment to empowering residents and fostering stronger communities. By enhancing living conditions, the project aims to uplift families and provide them with better opportunities for success.The diverse range of unit sizes—ranging from one-bedroom to five-bedroom homes—caters to various household needs, supporting family growth and stability. Improved amenities and communal spaces will foster a sense of belonging and encourage social interaction among residents. Additionally, the project underscores DCHFA's mission to advance housing priorities and create pathways for residents to transform their lives.

Leadership and Collaboration for Impact

DCHFA's role in orchestrating this endeavor exemplifies its dedication to leadership, excellence, and community focus. Collaborating with private and public partners, the Agency leverages its AA- rating to secure favorable financing terms and deliver efficient capital solutions. Through its Multifamily Lending and Neighborhood Investment divisions, DCHFA continues to play a pivotal role in shaping the future of affordable housing in Washington, D.C. By fostering innovation and integrity, the Agency remains committed to creating lasting change and improving the lives of countless residents across the District.