Northwest One
Update
08/04/23
With Financing Secured Work to Begin on 2nd Phase of Northwest One
McCullough Construction has pulled a permit to begin construction on phase 2 of Northwest One. The permit calls for the construction of a 6-story multifamily to include 212 affordable residential units. Phase 1 of the development The Rise at Temple Courts which includes 220 residential units, opened this past winter.
Financing for the project was also arranged by the District of Columbia Housing Finance Agency (DCHFA). DCHFA issued $45 million in tax-exempt bonds and underwrote $37.8 million in federal LIHTC equity for the project. Additional financing for Northwest One is being provided by a $39 million DMPED NCI loan.
MidAtlantic Realty Partners, Taylor Adams Associates and CSG Urban Partners are the developers that will construct the $103 million six-story building on the Northwest One Phase II site. The units will be reserved for residents earning 30 percent and 60 percent of the area median income (AMI) or less. The unit mix of the Northwest One Phase II will consist of 12 efficiency units, 80 one-bedroom units, 65 two-bedroom units, 44 three-bedroom units, and 11 four-bedroom units. Approximately, 83 units will operate with Local Rent Supplement Program subsidies from the DC Housing Authority. Additionally, 11 of the 83 units at 30 percent of AMI will be Permanent Supportive Housing (PSH) units that will operate under the PSH program. Seventy-two apartments will be reserved to provide one for one replacement for tenants returning from Temple Courts and Golden Rule communities.
