DCHFA Closes on Construction Financing for The Clara 

The District of Columbia Housing Finance Agency (DCHFA) has closed out Fiscal Year 2021 by issuing more than $53 million in tax-exempt bonds for the construction of 182 affordable apartment homes. DCHFA has financed two new construction projects, MDXL Flats and The Clara in Wards 6 and 8, respectively. “Being able to close these deals before the end of the fiscal year was a labor of love. Because of the dedication of the Agency’s team alongside our development and financial partners, we were able to fund two transit-oriented projects that will provide much-needed affordable, beautiful and healthy housing across two wards of the District,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. “The Clara and MDXL Flats will get us 182 units closer to Mayor Bowser’s goal of 12,000 more affordable homes by 2025.”

DCHFA issued $19.7 million in tax-exempt bonds and underwrote $16.9 million in LIHTCs for The Clara. Additional funding included a $14 million HPTF loan. Twenty apartments will be reserved for residents earning 30 percent or less AMI, and the remaining 61 will be reserved for those earning 50 percent or less. The development will consist of studio, one-, two-, and three-bedroom apartment homes. Amenities will include an underground garage with additional surface-level parking, bike storage, fitness center, service space featuring an Amazon Hub, and more than 5,000 square feet or retail space. Banneker Ventures and Medina Living Ideas for Family Excellence Community Development Corporation make up the development team.

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