Near Southeast DC: Past News Items - Jun 01, 2008
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Financing Closes for Capitol Quarter Rental Units; Construction Phase Starts Monday
Jun 1, 2008 9:43 AM
On Friday, the DC Housing Authority successfully closed the financing for the 39 public housing rental units scattered within the 121 market- and workforce-rate townhouses at Capitol Quarter. The $5.1 million in bonds and other high-finance actions outside of my limited ability to explain will fund the $10 million in construction costs needed for these Phase 1 rental units, which will be available to persons making between 30 and 60 percent of the area's median income (adjusted for family size).
Because the private financing is already in place for the for-sale townhouses, the closing of this deal and the acquisition of various other approvals, permits, and whatnot allows EYA to start construction forthwith, and they tell me that the construction phase will indeed start tomorrow (Monday) with "land moving." The first buildings should start coming out of the ground in July on L Street between 4th and 5th, behind the 400 M Street apartment building, and residents should start moving in by the end of the year or early 2009. The rest of phase one houses will be built on the blocks between Fourth and Fifth streets and the triangular block bounded by Virginia, I, Fourth, and Third.
EYA also tells me that the next workforce housing release should be coming later this summer.
For more information, you can see my Capitol Quarter project page, or EYA's web site for additional details and contact information.
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