A new affordable seniors housing development is going up in Washington, D.C. with the help of financing provided by a variety of capital sources. Urban Atlantic Development is building the 93-unit community, which is located on the campus of the 60-bed Lisner-Louise-Dickson-Hurt Home, one of the oldest skilled nursing facilities in the District that is scheduled to be renovated in the next year.
The project received $69 million of financing through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds, including equity provided by Boston Financial Investment Management and Rise Impact Capital. Capital One Community Finance, Cedar Rapids Bank & Trust and DC Green Bank provided the debt financing.
The units include 41 units priced for seniors earning 50% of median family income (MFI), and 52 units for seniors with incomes below 30% of MFI. Each unit will have a washer and dryer, center island, microwave and walk-in closet.
