NHPF CASE STUDY
The Strand Residences / Washington, DC PROJECT OVERVIEW
The Strand Residences is a transformative affordable housing development in the Deanwood neighborhood of Washington, DC. Adjacent to the historic Strand Theater, the six-story building delivers 86 affordable homes, ensuring long-term affordability for residents earning below 60% AMI, with one-third of the units reserved for families earning below 30% AMI. The project also has 28 replacement public housing units for local housing authority residents. The development features modern apartments equipped with in-unit washers and dryers, energy- efficient appliances, and gourmet kitchens. Residents have access to high-quality amenities, including a fitness center, cyber café, package lockers, and a private courtyard with a grilling station. The ground floor features retail space for a neighborhood-based nonprofit and a local business, and the much- anticipated Strand Restaurant, further integrating the building into the surrounding community. The $43.15 million project was financed through tax- exempt bonds, LIHTC equity, and funding from the District’s New Communities Initiative. Recognized for its sustainability, the building was awarded Enterprise Green Communities certification, underscoring its energy-efficient and environmentally conscious design. With its thoughtful planning, strong financial backing, and commitment to resident services, The Strand Residences stands as a model for inclusive and community-focused affordable housing in Washington, DC.
TYPE New Construction, Multifamily, Affordable Housing CLIENT District of Columbia Department of Housing and Community Development (DHCD) ROLE Developer, Owner DEVELOPMENT COST $22.9M SOURCES • $12M in 4% LIHTC equity from Enterprise Housing Credit Investments • $12M in DC New Communities Initiative gap financing • $9M Freddie senior debt • $2M in deferred developer fee DEVELOPMENT MIX • 41 Affordable Housing Units • 1,000 SF Artist Studio • Community Room/Gallery START TO COMPLETION 2021–2023
NHPF CASE STUDY
The Strand Residences / Washington, DC
RESIDENT VOICES One resident, a single mother of a 6-month old baby had been waiting for her new apartment for almost a year; she thought, at times, it might never happen. She is now overjoyed to be in a space that features a large multi-purpose room, exercise room, and on- site resident services provided by NHPF’s subsidiary, Operation Pathways.
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