DCHA BREAKS GROUND ON 195-UNIT LOFTS AT CAPITOL QUARTER
Current and former residents of Capitol Quarter break ground on The Lofts at Capitol Quarter.
District of Columbia Housing Authority Executive Director Adrianne Todman was joined by Mayor Vincent C. Gray, Council member Tommy Wells, and other officials to break ground on the latest addition to the Southeast community, the Lofts at Capitol Quarter.
The $42 million L Street building will contain 156 market-rate and 39 affordable rental units. New residents will enjoy amenities such as a roof top deck and pool, internal courtyards, an exercise room, and a computer room. Construction is expected to be completed by late 2015.
“At DCHA we work creatively with other public and private partners to unlock opportunities for our residents so that they can improve their life outcomes,” Todman said. “We are in the final stages of developing the Capitol Quarter neighborhood into a successful mixed-income community that our clients can consider home.”
The Lofts at Capitol Quarter also represent an innovative public-private partnership. Not only is this the first location where DCHA was a co-developer with Urban Atlantic and Forest City Enterprises, but the agency was able to leverage the value of the land to finance the affordable units. In addition, DCHA and its joint venture partners were able to craft a unique and complex legal and financial structure which allowed blending market-rate units and affordable units that were able to benefit from an equity investment through the Low Income Tax Credit program. The project is being financed through a mix of District of Columbia Housing Finance Agency debt purchased by Citi Community Capital, Low Income Housing Tax Credit public housing subsidies, and a short-term loan made by Industrial Bank.
The Lofts at Capitol Quarter is the first project in the development that did not use HOPE VI funding.
“There is no cookie cutter plan that can be applied to all of our sites,” Todman said. “Rather, the approach for each site needs to consider the local and federal funding available, the debt and equity the site can bear, and the wider community’s needs.”
“In order to have all of our sites be as beautiful and successful as the Capitol Quarter community, we will need $1.3 billion in additional funding to make all of our housing stock viable for 20 years--and to complete our current redevelopment pipeline of low-income units,” Todman added.
What began as one of the largest HOPE VI projects in the nation, Capitol Quarter is the result of DCHA leveraging a $34.9 million grant in 2001 with public and private dollars for a total of more than $230 million to create more than 830 rental and home ownership units, and a community center. When the project is complete, more than 1,700 units will have been created in this former public housing site, located between 3rd, 7th, and M Streets, and Virginia Avenue in Southeast. DCHA committed to rebuilding the 707 affordable units that were previously part of the now demolished Capper/Carrollsburg buildings.
There are six additional parcels on which the housing authority will construct additional units and meet its goal of replacing the 707 public housing units that existed on this former public housing development site. To date, 830 units on the former Capper and Carrollsburg public housing site have been constructed, of which 437 are public housing units, 159 are market rate rental, and 237 new home ownership units.
The Lofts at Capitol Quarter