WC Smith and the Anacostia Economic Development Corp. are constructing 130 apartments at Terrace Manor at 3301 23rd St. SE in the Randle Heights neighborhood of Ward 8. Every unit at Terrace Manor, a site previously occupied by 12 vacant buildings with 61 apartments, will be designated as affordable housing.
New affordable apartments coming to D.C.’s Randle Heights
All 130 apartments at Terrace Manor will be reserved for residents earning 60 percent or less of the area’s median income. The median family income estimate by HUD for the D.C. region is $142,300 for 2022. Eligibility for affordable housing is based on a sliding scale according to family size and household income.
Terrace Manor will include 75 one-bedroom apartments, 47 two-bedroom apartments and eight three-bedroom apartments. Fourteen of the units will be designated as permanent supportive housing (PSH) and reserved for residents earning 30 percent or less of area median income. The residents in those 14 units will receive Local Rent Supplement Program vouchers through the D.C. Housing Authority and will have access to support services from the D.C. Department of Human Services and Community Connections D.C.
Resident services available to all Terrace Manor residents will include the Skyland Workforce Center, midnight basketball at THEARC and shuttles to the Village of Parkland Splash Park, which is owned by WC Smith.
Terrace Manor will also have onsite amenities, including a community room, a business center, a fitness center, a 24-hour front desk, free garage parking, bike storage and security. The community is anticipated to be complete in September 2024.
The District of Columbia Housing Finance Agency issued $36.99 million in tax exempt bonds and underwrote $33.8 million in Low Income Housing Tax Credit (LIHTC) equity for the construction of the new apartments.
The D.C. LIHTC funding is from Sugar Creek Capital. Federal LIHTC funding and a HUD-insured construction loan was secured from Wells Fargo. Additional financing includes a $24.5 million loan from the D.C. Department of Housing and Community Development.
Source: WP
