1736 Rhode Island Ave NE
Total Development Cost – $25,800,000
Predevelopment, Construction and Permanent Financing Closed May 2019
Audubon Enterprises was engaged by Lock 7 Development LLC (“Lock 7”) to serve as the exclusive financial advisor to its ground-up 4% Low Income Housing Tax Credit (“LIHTC”) development located at 1736 Rhode Island Ave NE. Once complete, this development will produce 61 new units of family-housing in the historic Brookland neighborhood of Washington, DC. This area has struggled to efficiently sustain affordable housing supply as neighborhood land costs have escalated rapidly in recent years.
The project was awarded funding in October 2017 through a competitive application process administered by the DC Department of Housing and Community Development (DHCD). Audubon led the financing effort for the transaction by interfacing with the capital markets and local governmental agencies, leading up to a successful closing in May 2019. 1736 Rhode Island Avenue is the first affordable housing project in the District financed in part by the National Housing Trust Fund (HTF); a federal affordable housing program targeted to building, rehabilitating, preserving, and operating rental housing for extremely low-income households, including families and individuals experiencing homelessness and individuals with disabilities.
The community will be affordable to residents earning no more than 50% of the Area Median Income (“AMI”). The building will have thirteen (13) two- and three-bedroom Permanent Supportive Housing units, which will be reserved for families earning no more than 30% AMI with services provided by Community Connections. Other development team members include Hamel Builders Inc., Grimm + Parker Architects, and Residential One LLC. A local nonprofit Communities Together, Inc. has been contracted to provide resident services upon completion of the construction.