Park Regent Apartments
Update
01/18/24
American Housing Announces $27.3M in Financing from The Amazon Housing Equity Fund (HEF) for Affordable Housing in Washington D.C.
The Amazon Housing Equity Fund (HEF) announced today that they will provide $27.3 million in below-prevailing-rate financing to American Housing to preserve affordable housing in some of the most sought-after residential areas of Washington, D.C. Today's announcement is part of HEF's commitment to preserving homes for lower and middle-income Washingtonians, and its first partnership with American Housing, an innovative multifamily development company that provides affordable housing and blended social services to communities in need in D.C.
The below-prevailing-rate loans will assist in funding the over $100 million Upper Northwest D.C. Housing Preservation Project, an initiative by American Housing to rehabilitate and modernize three apartment communities in Dupont Circle, Columbia Heights, and Mount Pleasant neighborhoods. The properties – Park Regent, Park Meridian, and Ravenel – are located near public transportation, parks, and commercial hubs.
American Housing will address deferred maintenance and replace dated systems, improving quality and efficiency. Interior floor plans will be reconfigured to convert 236 existing units of Naturally Occurring Affordable Housing (NOAH) to 254 units affordable to households with incomes at 60% and 80% of AMI for 99 years. Additionally, rent increases will be capped at 3% annually by Amazon.
"The Upper Northwest D.C. Housing Preservation Project is an extension of Amazon Housing Equity Fund's commitment to ensuring equitable access to affordable housing in close proximity to transit," said Senthil Sankaran, managing principal of the Amazon Housing Equity Fund. "It's not merely about buildings. It is about building a community where residents who need access to affordable, quality housing can thrive and contribute. Our goal is to create more interconnected and inclusive communities."
American Housing is a real estate development firm specializing in workforce, affordable and market-rate transit-oriented development in Northwest Washington, D.C. The firm owns and operates over 400 stabilized rental units that implement a similar mixed-income approach. American Housing operates an affiliated non-profit, the American Housing Foundation, whose mission is to positively impact communities by providing resident services including case management, social services, continuing education assistance, financial literacy coaching, and job training. American Housing Foundation proudly partners with over 60 of D.C.'s most impactful nonprofits including the Alliance for Concerned Men, Operation Hope, Life Enhancement Services, and Parent Watch to offer on-site services for residents.
"American Housing values Amazon Equity Fund's commitment to providing below market financing to secure long-term affordability in the most desirable neighborhoods of Washington D.C.," said Adam Lobene, founder and CEO of American Housing. "The financing will allow us to deliver over 250 units for low-income households with partnership from the American Housing Foundation to provide our residents with vital resources that will strengthen families and communities for generations to come."
Since its launch in 2021, the Amazon Housing Equity Fund has committed more than $1.7 billion to create or preserve more than 14,000 affordable homes for renters across the company's hometown communities, including more than $1 billion to create or preserve more than 7,300 affordable homes for renters and homeowners in the Washington D.C., Maryland, and Virginia region. It has also helped increase the stock of long-term (99-year) multi-family homes in the region by 22%. The Fund focuses on moderate-income individuals and families, representing first responders, teachers, and service industry employees whose wages haven't kept pace with escalating rents and housing costs. To learn more about the Amazon Housing Equity Fund, please visit us here.
