Strand Residences Washington, DC
The Strand Residences is more than an affordable housing community. With this undertaking, NHPF is:
The Strand Residences is a textbook case of how public and private entities come together to do their part to create and preserve much needed affordable housing. This project benefited from District Mayor Bowser’s New Communities Initiative, which provided $15M. The HFA issued $19M in tax-exempt bonds, DHCD allocated the Low Income Housing Tax Credits and the DC Housing Authority administered the operating subsidy. The private sector also stepped up via funders RBC, Citibank, JLL, Enterprise Community Partners and M&T Bank. National Housing Trust provided a critical pre-development loan to help us bridge capital early in the project. Construction is well under way and we are also happy to report that The Strand has received pre-build approval from Enterprise Green Communities (ECG) Certification.
• B uilding replacement housing for residents at Lincoln Heights and Richardson Dwellings. • B ringing jobs to DC Residents and contracting opportunities to DC’s small businesses. • P roviding opportunities for neighborhood retail along Nannie Helen Burroughs Avenue. • Implementing Operation Pathways after-school programs and financial literacy training and other classes to all our residents. • R emediating a brownfield that prevented development on this site and the surrounding parcels. And we’re doing it all without displacing a single resident and helping a community business, The China Café, move down the block so it can continue to operate in the neighborhood.
The NHP Foundation | Fiscal Year 2019 Annual Report 5
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