The District of Columbia Housing Finance Agency (DCHFA) recently announced its financial support for the construction of Wagner Senior Residences in Washington, D.C.’s Skyland neighborhood. The agency provided $22.6 million in tax-exempt bonds, along with $17.2 million in federal funding and $3.6 million in DC Low Income Housing Tax Credit equity.
This substantial investment underscores DCHFA’s commitment to providing affordable senior housing within the District. The agency believes this development will meet the needs of the city’s aging population and contribute to the growth of the Skyland community. The agency’s executive director and CEO emphasized the project’s alignment with the agency’s goals of equity, dignity, and opportunity for senior citizens.
Further funding for the $47.6 million project came from a $18.9 million loan through the DC Department of Housing and Community Development’s Housing Production Trust Fund. Justice Housing and the Miller Group are the developers behind Wagner Senior Residences.
The five-story building will offer a mix of studio, one-bedroom, and two-bedroom apartments. These units will be reserved for residents earning 30-80% of the area median income or less. Thirteen units will offer permanent supportive housing services. Residents will have access to amenities such as indoor and outdoor lounges, a fitness center, and an outdoor terrace.
DCHFA plays a crucial role in developing affordable housing in the District. Through its various divisions, the agency provides financing to developers, reducing costs associated with acquiring, constructing, and rehabilitating rental housing. This financial assistance is offered to both for-profit and non-profit developers.
DCHFA, an S&P AA-rated issuer, has served Washington, D.C. residents for over 45 years. Its mission centers on advancing the city’s housing priorities, specifically investing in affordable housing and neighborhood development. The agency aims to deliver efficient and effective capital sources to support rental housing and homeownership opportunities.
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