Housing development will create supportive environment for Grandfamilies in Washington. D.C.

Washington, D.C. (PRWEB) April 01, 2016

The District of Columbia Housing Finance Agency (DCHFA) closes its second development within in a week by lending tax exempt note proceeds to finance a portion of the debt required to acquire and construct Plaza West, which is located at the intersection of 307 K Street NW and 1035 4th Street NW. DCHFA, through a direct purchase of bonds by Citi Community Capital, is providing $44.1 million in tax exempt financing to construct the $89.7 million project. The Agency also underwrote $32 million in four percent low income housing tax credit equity syndicated by Enterprise Community Investments, Inc. Plaza West, which is an intergenerational housing development featuring family and senior housing, will be located in the Mount Vernon Triangle neighborhood of Ward 6. The project involves the construction of a 12 story building containing 223 units. The building will include a Grandfamily component (Grandfamily), with 50 units reserved for low-income grandparents who are raising the children of family members who, for a variety of reasons, are not able to provide for the general welfare of their child. “Grandparents rearing their grandchildren often face unique issues related to family structure, including budgetary pressure. Living in a community like Plaza West will help to ease the financial burden of grandparents by providing affordable housing as well as creating a supportive community of peers that are taking care of their grandchildren.” said Maria K. Day-Marshall, Interim Executive Director, DCHFA.

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