NHPF Annual Report 2016



Parkchester Apartments Washington, DC

Anacostia Gardens Washington, DC

In September 2016, NHPF received $11.2 million in rehabilitation funding through a financial partnership with the District of Columbia Housing Finance Agency (DCHFA) and Citi Community Capital for Parkchester Apartments. The funding also included a $6.4 million second mortgage from the District of Columbia Department of Housing and Community Development (DHCD) and tax credit equity from PNC Bank. Rehabilitation efforts are being done in concert with the Parkchester Tenant Association. Originally constructed in 1978, Parkchester Apartments is situated on 6 acres of well-maintained and landscaped grounds. The 93-unit, one story cottage- style property features spaciously designed one-, two- and three-bedroom apartments. All units offer fully equipped kitchens, frost free refrigerator/freezers, garbage disposals and spacious patios. The residents also have access to an on-site laundry facility, outside grills, and community activities. The Parkchester Apartments are in an up-and-coming part of the Nation’s Capital, conveniently located near shopping and public transportation, and across the street from a brand new, state-of-the-art recreation center.

Anacostia Gardens became an NHPF property in March 2016. Its $8,876,000 purchase price was paid with financing provided by Eagle Bank and Local Initiatives Support Corporation (LISC). Built in the early 1960s, Anacostia Gardens is located in the Fort DuPont neighborhood of Washington, DC’s Ward 7. There are 37 one-bedrooms, 49 two-bedroom, and 14 three- bedroom units. All 100 apartments have central air conditioning and individual gas heating and hot water systems. Adjacent to the Washington Nationals Youth Baseball Academy, the property amenities include on- site parking, a laundry facility, and a community room for resident activities. Because all of its households are at or under 60% AMI, rental subsidies are provided through a project-based Housing Assistance Payment contract with HUD.



NHPF Fiscal Year 2016 Annual Report 9

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