Foulger-Pratt Breaks Ground on $101M Affordable Housing Project in Northeast D.C.
WASHINGTON, D.C. — Foulger-Pratt has broken ground on Paxton, an affordable housing development located at the intersection of Benning Road and 16th Street in northeast Washington, D.C.’s Kingman Park district. The $101 million project will feature eight studio, 87 one-bedroom, 16 two-bedroom and 37 three-bedroom rental apartments upon completion, which is set for April 2024. A majority (133 units) will be reserved for households earning at or below 50 percent of the area median income (AMI). The remaining will be reserved for households earning at or below 30 percent of AMI and are designated as “permanent supportive housing.”
All residents will have access to services through Hope Multiplied, a locally based nonprofit providing community development, health-and-wellness and socio-economic programs. Residents in the permanent supportive housing units will receive support services through Community of Hope, a local organization working to end family homelessness and improve health.
Financing partners for Paxton include the District of Columbia Housing Finance Agency, which issued $46.9 million in tax exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity, in addition to a $29 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development. Capital One provided $94 million in debt, equity and forward agency financing for Paxton, including a $39.2 million construction loan, 36-month forward commitment for a $21.1 million Freddie Mac fixed-rate loan and a $34.2 million investment in LIHTC to preserve the long-term affordability of the property.
Foulger-Pratt is developing Paxton in partnership with Enduring Affordable Housing Corp. Hickok Cole is the architect for the project, and TM Associates will serve as the property manager.