A national not-for-profit provider of “quality affordable housing” has purchased the Elm Garden Apartments at 7050 Eastern Ave. N.W., according to a press release.
The NHP Foundation, which is based in New York with an office in Washington, announced plans to redevelop the property near the Takoma Metro, which currently has 36 apartments and parking spaces.
“Elm Gardens Apartments is a key addition to the community, converting naturally occurring affordable housing at risk of being lost, into [Low-Income Housing Tax Credit Housing] housing,” said Mansur Abdul-Malik, SVP of development for NHPF.
“NHPF plans to demolish the existing structure and replace it with up to 110 units of new construction that will be at least 90% affordable, with an average AMI of no more than 60%,” added Michael Simon, lead developer on the property. “This is due to some of the existing residents being over-income for the LIHTC program.”
Plans call for 23 studio, 53 one-bedroom, and 34 two-bedroom residences, as well as onsite resident services.
“Additional amenities include an onsite gym, bike parking, mail room, community room with an office for the Tenant Association, community roof deck, and onsite management and leasing offices,” according to the release.
The acquisition was funded by a $7.5 million loan from the Low Income Investment Fund funded through the DC Preservation Fund, a joint venture between LIIF and the DC Department of Housing and Community Development, and a $2 million acquisition/predevelopment loan from the National Housing Trust, the company said.
Construction is expected to begin in 2024.