Rendering of Plaza West
The District of Columbia Housing Finance Agency (DCHFA) closed on a deal this past Friday which will pave the way for construction to begin on Plaza West, an affordable inter-generational housing development in Mount Vernon Triangle.
The $44.1 million in tax-exempt financing will allow the construction of a 12-story building at 4th and K Streets NW (map) comprised of 223 residential units. Fifty of the units will be set aside for “grandfamilies”, which consist of 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.”
The grandfamilies will have their own apartment entrance, while the rest of the apartments will be for either seniors or families making up to 60 percent of the area median income (AMI). The grandfamily apartments will be leased at up to 40 percent of AMI.
Building amenities will include a 24-hour concierge, a laundry room and lounge on each floor, and 9,500 square feet of outdoor space with courtyard, a basketball court, and a garden. On the grandfamily side of the property, there will be a ground-floor library, kids’ room, fitness room, and on-site social services, as well as a community room on the 12th floor. Residents will also be able to use 51 free first-come first-served underground parking spaces.
The Plaza West development team includes the Henson Development Company and Plaza West LLC, which consists of Golden Rule Plaza Inc. and Mission First Housing Development Corporation.
This article originally published at http://dc.urbanturf.com/articles/blog/dchfa_set_to_bring_affordable_residences_to_grand-families/11061
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