The Villages at Parklands Phase I
Update
08/07/23
$103M in Financing Secured for The Villages at Parklands Phase 1 Acquisition & Renovation
The District of Columbia Housing Finance Agency (DCHFA) completed transactions for the financing of 2 affordable housing project including the Villages at Parklands Phase 1. DCHFA issued $59.2 million in tax exempt bonds and underwrote $43.6 million in federal Low Income Housing Tax Credit (LIHTC) equity for the acquisition and renovation of 461 apartments.
The Villages at Parklands Phase I is comprised of two apartment communities, Huntington Village Apartments and Orchard Park Village Apartments. The Huntington Village Apartments Tenant Association, Inc. and Orchard Park Village Tenant Association, Inc. organized and exercised its rights under the Tenant Opportunity to Purchase Act to acquire their buildings then selected Dantes Partners, L& M Development Partners, and H Street Community Development Corporation as the developers to rehabilitate their homes. The total development cost is $121 million. The apartment buildings were constructed in the Randle Heights neighborhood during the 1950s and last underwent renovation in 2006. Following the completion of the proposed renovation, both Huntington Village and Orchard Park will continue to be LIHTC restricted at 60 percent of AMI and operate with subsidies (HAP contracts).
