A recent Washington Post article on the NHP Foundation (NHPF)’s $24 million rehabilitation of the Parkchester Apartments highlights how the shortage of affordable housing in the District of Columbia continues to be a major problem for many low and moderate income residents.
In a city where the cost of housing is increasing rapidly, while wages remain low, quality affordable housing remains elusive for many.
The residents at the Parkchester Apartments – a 94 unit building located in the Barry Farms neighborhood of Ward 8 – earn 50 percent or less of the area median income and live within the Bridge Park Impact Area that is the focus of our $50 million Elevating Equity Initiative.
NHPF was selected by the Parkchester Apartments Tenant Association to serve as their partner in acquiring and preserving the property as affordable housing.
LISC DC provided an earnest money deposit loan to the Parkchester Apartments Tenant Association and then a $2.5 million acquisition loan to the NHP Foundation to facilitate the purchase of the apartment building. Once renovated, the units will include new appliances, flooring, bathrooms, kitchens, and windows. All residents will be able to return to their units upon the completion of the renovations.
The Parkchester Apartments imminent renovation is an example of how LISC DC mobilizes resources and invest them into the projects, programs, and initiatives that address the challenge of the District of Columbia’s affordable housing scarcity. The tenants of the Parkchester Apartments – most whom are long-term residents – will be able to benefit from improved living conditions with the assurance that their property will remain affordable.