DCHFA Through the Years
Projects Delivered in FY 2024: Terrace Manor
Projects Delivered in FY 2024: Paxton
Projects Delivered in FY 2024: Beech Tree Apartments / Shepherd Park Apartments
Projects Delivered in FY 2024: The Clara on MLK
Projects Delivered in FY 2024: 3450 Eads
Projects Delivered in FY 2024: Station U & O Apartments
Projects Delivered in FY 2024: Ridgecrest Village Phase
Projects Delivered in FY 2024: 1530 First Street
Projects Delivered in FY 2024: Cascade Park
Projects Delivered in FY 2024: Villages at Parkland
Projects Delivered in FY 2024: Villages at Parkland
Our Agency Mission Statement
Fiscal Year 2024 (FY 2024) marked the District of Columbia Housing Finance Agency’s (DCHFA or “the Agency”) 45th year serving the housing needs of Washington, D.C. residents. DCHFA was established on March 3, 1979 to stimulate and expand homeownership and rental housing opportunities in the District.
Through DCHFA’s flagship homeownership program, DC Open Doors, DC4ME, and co-administration of the Home Purchase Assistance Program, the Agency continued to provide opportunities for renters to become D.C. homeowners.
Celebrating 45 years of service to the District , DCHFA continues to seek public, private financial and development partners to finance projects that will build and preserve existing quality affordable rental housing in the District.
The Agency’s mission is to advance the District of Columbia’s housing priorities by investing in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. DCHFA accomplishes its mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities.
Message from Board Chairman Stephen M. Green
Throughout my career in affordable housing, development and the District government I have been a witness to and in some instances a part of DCFHA’s milestones throughout its 45 year history. My vantage point as chairman of the Board of Directors allows me to have an integral role in the service to District residents that the Agency’s staff works diligently to provide.
During Fiscal Year 2024 my colleagues on the board and I joined the Agency in celebrating its 45-year history as well as strategically charting DCHFA’s
path into the future. The board of directors and the Agency are partners in executing DCHFA’s mission, “To advance the District of Columbia’s housing priorities, the agency invests in affordable housing and neighborhood development, which provides pathways for DC residents to transform their lives.”
On behalf of the entire board, I congratulate DCHFA on its 45th anniversary and look forward to the Agency continuing to be impactful and solutions oriented in its approach to addressing the affordable housing needs in the District.
“ “
On behalf of the entire board, I congratulate DCHFA on its 45th anniversary and look forward to the Agency continuing to be impactful and solutions oriented ...
Throughout 2024, the Agency’s staff and I have been celebrating and commemorating DCHFA’s 45 years of service to the District’s residents. It is with great pride that I have been a part of DCHFA’s history for nearly a decade first as vice president of Multifamily Lending and Neighborhood Investments and in my current role for five years. During the Agency’s milestone year, we continued to make new milestones. As an installment of the Baldwin Du Bois Discussion Series, we launched As We Rise: Black Women in Affordable Housing, Finance
Message from Executive Director/CEO Christopher E. Donald
and Law in partnership with Women of Color in Community Development. The symposium will be an annual Women’s History Month event with a new theme each year. In June the Single Family Programs (SFP) division spearheaded DCHFA’s inaugural Homeownership Conference. In addition, SFP relaunched ReMIT (Reverse Mortgage Insurance & Tax Payment Program) to assist senior homeowners with reverse mortgages to emerge from delinquency. The Todd A. Lee Scholarship Program awarded 12 scholarships to D.C. residents matriculating in college and graduate schools throughout the country. This is the highest number of recipients since the scholarship launched in 2020. The Agency received the Great Place to Work Certification. This honor is a testament to DCHFA’s staff. The rating is based on employee’s feedback about their experience working at the Agency. Having a great work environment allows us to greater serve D.C.’s residents. DCHFA shared a major
milestone this year with the entire housing ecosystem as Mayor Bowser reached her goal of 12,000 new affordable units in the District by 2025. More beautiful, affordable, and healthy housing is always a cause for celebration. Our staff and I are immensely proud of DCHFA’s contributions to this goal through the issuance of bonds to construct and rehabilitate affordable rental housing.
Celebrating 45 years of service to the District was the tagline for the year, but it is more than a slogan. Service is a part of the DNA of the Agency and is an active component of the mission. This year’s annual report takes a look back at DCHFA’s 45-year history and highlights Fiscal Year 2024. We are reminiscent while also focused on the future of continuing to provide the best service to the District and its residents’ housing needs. On behalf of DCHFA’s staff and Board of Directors, I thank Mayor Bowser and the Council for its leadership, partnership and support of our Agency.
DCHFA Board of Directors
Stephen M. Green, Chairman
Heather Wellington, Vice Chairwoman
Stanley Jackson, Member
Bryan “Scottie” Irving, Member
Carri Robinson, Member
Christopher E. Donald, Secretary
DCHFA Staff
OFFICE OF EXECUTIVE DIRECTOR
Christopher E. Donald
Executive Director/CEO
Nikol Nabors-Jackson
Chief of Staff
Yolanda McCutchen
Vice President, Public Relations
Keme Arigbe
Public Relations Associate
Heather A. Hart
SHRM-CP, PHR, Vice President, Human Resources
Lindsey Smith
Human Resources Specialist
Thurston Ramey
Vice President, Technology & Business Intelligence
Gregory Graham
Manager, Technology
Levent Arikok
IT Customer Support Manager
Jed Donkoh
IT Project Manager
Eric Bunn
IT Coordinator I
Tara Sigamoni
Vice President, Procurement &
Administrative Services
Marcus Thompson
Facilities Manager
Eric Jackson
Administrative Services Manager
Cheryl Roberts* Receptionist
Ashley Brown
Community and Stakeholder
Engagement Manager
Sia Sankoh
Executive Assistant
OFFICE OF THE GENERAL COUNSEL
Michael L. Hentrel
General Counsel
Tracy G. Parker
Deputy General Counsel
Brittney Jordan*
Senior Counsel
Jasmine Jackson Counsel
Kayla Cruz
Associate Counsel
Lillian Johnson
Records Administrator
PORTFOLIO & ASSET MANAGEMENT
Jeff Cooper
Senior Vice President
Sidney Vass
Director
David Walker
Senior Asset Manager
Fredericka Earle
Asset Manager
Kyla Peck*
Compliance Specialist
Birol Yilmaz
Senior Construction Engineer/ Monitor
Sue Ghazi
Construction Engineer/Monitor
Seyoum Gizaw
CPA, Project Budget Analyst
Kelley Brown
Construction Coordinator
MULTIFAMILY LENDING & NEIGHBORHOOD INVESTMENTS
Marcus Ervin
Senior Vice President
Michael Durso
Director Business Development
Scott Hutter
Director
Linda Hartman*
Senior Multifamily Loan
Underwriter
James Holley-Grisham
Multifamily Loan Underwriter
Kadija Sow
Multifamily Loan Underwriter
OFFICE OF THE CHIEF FINANCIAL OFFICER
Steve Clinton
Chief Financial Officer
Rosemarie Warren
Vice President, Accounting/ Controller
Henry Jones
Vice President, Treasury
Operations
Matthew Pleasant
Director, Portfolio Operations
Rong Liu
Accounting Manager
Yan Ji
Financial Analyst
Jackie Langeluttig
Senior Loan Servicing Specialist
Adriana Dixon
Accounting Assistant
Karen Harris, Finance Assistant
SINGLE-FAMILY PROGRAMS
Wendi Redfern*
Senior Vice President
Tikisha Wilson Director
Carmellita Turner
Business Development and Outreach Manager
Zein B. Shukri
Lead Single-Family Underwriter
Tracy Wright
Single-Family Underwriter
Tanisha Darden
Single-Family Underwriter
Lisa Pugh*
Loan Closer/Post Closer
(formerly Lisa Davis)
Tahsin Bakar
Single-Family Underwriter
Jennifer Jones
Single Family Underwriter
Tiffany Ingram*
Senior Loan Processor
Alyshia Maith
Senior Loan Processor
Kim Norwood-Ellerson
Customer Service Administrator
*
An asterisk (*) indicates someone who is no longer employed by the Agency, but who was employed during FY 2024.
In memory of Todd A. Lee
Lee Legacy 2024
TAL
Scholars
The Agency awarded the greatest number of applicants in FY 2024. The Todd A. Lee Scholarship was launched in 2020; since then, a total of 20 recipients (including repeat awardees) have received scholarships.
CAMERON GADSON
Public Policy Major at American University
“My field of study, a master of Public Policy, plays a critical role in developing our diverse communities, locally and globally.”
DAJHON WILLIAMS
Public Health/Public Affairs Major at Brown University
“My goal is to leverage my education and experiences to advocate for urban environments that are designed with health and equity at their core, thereby addressing the pressing needs of underserved populations and creating models for sustainable development that can be replicated across the country and around the world.”
DYLAN DARLING
Civil Engineering Major at Howard University
“
“My passion lies In commercial real estate, where I aspire to combine my technical acumen and civil engineering background with my understanding of policy, politics, and community dynamics to enhance the livability of neighborhoods and underdeveloped areas.”
KEICHA BARNES
Computer Engineering Major at the University of the District of Columbia
“The field of computer engineering significantly impacts community development and affordable housing by leveraging technology to create smarter, more efficient, and sustainable living environments.“
MAI GRAVES
Architecture Major at Florida A&M University
“I plan to further my education within architecture by obtaining my B.Arch degree this upcoming school year. While pursuing my degree, I will be participating in the UDream program at Carnegie Mellon University to network...”
SADE BOYEA
Business Major at Liberty University
“I am passionate about helping people create an environment that’s comfortable enough for them to call home. I want to continue to be part of an organization that continues to provide affordable housing to economically challenged communities.”
TAYLOR CAMPBELL
Political Science/Community Development Major at Howard University
“I plan to co-own a commercial real estate agency, where I will serve as the in-house lawyer reviewing real estate contracts. In this role, I aim to ensure fairness and transparency in all transactions and to advocate for equitable practices within the industry.”
ARIANA TOLAND
Towson University
“I would like to practice real estate and /or trust and estate law in order to ensure clear property ownership, and provide fair real estate practices. I want to help minorities be first-time homeowners and landowners.”
LIYA TAYLOR
Computer Science Major at Hampton University
“I would like to practice Real Estate and/or Trust & Estate law in order to ensure clear property ownership, and provide fair real estate practices. I want to help first time minorities be homeowners and landowners. “
NATALIE WASHINGTON
MBA/Real Estate Development Major at the University of Maryland
“My love for real estate began during my undergraduate days at Howard University during the late ‘90s. While I was pursuing my finance degree, I observed in real time the physical transformation of the community surrounding the university and how real estate was integral to this change.”
QUENTIN FOSTER
Business Major at Louisiana State University
“One day, I aspire to own a commercial real estate firm that can positively impact impoverished communities while also achieving the goal of building generational wealth. This scholarship will provide the critical support needed to continue my education and development in this field, allowing me to turn my aspirations into reality.”
MARISSA GARLAND
Business Major at the University of the District of Columbia
“Business and finance students can play a critical role in developing and managing affordable housing projects. Skills can be used to analyze market conditions, create financial models, and secure funding for housing developments.”
Featured Scholars “
The 33rd Annual HAND Honors recognized Lee Goldstein, a 2020 Todd A. Lee scholar, with a Housing Achievement Award in the Emerging Leader category.
Liya Taylor started a new position as Student Ambassador at CGI.
Founded in 1976, CGI is among the largest IT and business consulting services firms in the world.
Community Focus: Charitable Contribution Program
The DCHFA Charitable Contribution Program seeks to benefit District of Columbia residents in accordance with the following Target Themes: Academic or Vocational Enrichment, Resident Services, Youth Sports and Arts, Supporting Seniors, and Supporting Neighborhood Amenities and Events. The Agency provides funding via Charitable Contribution Program grants, sponsorships, scholarships, and donations. In FY 2024, DCHFA contributed to and/or supported 41 District organizations, programs, and Todd A. Lee scholars. Sixteen of those organizations and scholars received funding for the first time from DCHFA. The Agency supported District residents by contributing $556,000 in charitable funding to local organizations and students.
The majority of funding was allocated to the Charitable Contribution Program (46%) and scholarships (29%). The primary target themes supported in FY 2024 were Academic or Vocational Enrichment for both school-age students and adult learners and Supporting Neighborhood Amenities and Events.
As We Rise Black Women in Affordable Housing, Finance, and Law
As We Rise: Black Women in Affordable Housing, Finance, and Law was a symposium convened to highlight the unique and powerful presence of Black women in an industry where there is limited representation. The event was jointly organized by DCHFA and Women of Color in Community Development (WCCD) in celebration of Women’s
History Month. The event took place on March 28, 2024, in Washington, D.C.
Housing finance provided incredible professional opportunities to practitionersfrom ample remuneration to a wonderful balance of work and life. It was also a highly technical and complex field that had significant influence
over the built space through the annual issuance of multifamily tax-exempt housing bonds. The purpose of the symposium was to acknowledge that there were incredible women of color in this industry doing amazing work and to encourage even more to explore it. The goals were to increase awareness, educate, and invite the next generation of practitioners into the fold.
This event included several panelists and speakers within the industry.
FIRESIDE CHAT
The Honorable Sandra L. Thompson, director of the Federal Housing Finance Agency, and Alanna McCargo, president at Ginnie Mae, were featured in our Fireside Chat and discussed what it’s like to lead in high-demand and highprofile positions in the federal housing space.
RARE AIR: A LEGAL DISCUSSION
Our Rare Air: A Legal Discussion panel featured dynamic women attorneys who are making significant strides in the field of housing and finance law. Each panelist shared their experiences navigating race and gender, present-day challenges, and important lessons on what it takes to emerge as leaders. The following speakers offered practical advice about sustaining success, making
an impact on society, and maintaining a healthy balance:
Brittney Jordan
Senior Counsel DCHFA, WCCD
Board Member* (Moderator)
Anitra Androh
Shareholder Polsinelli (Panelist)
Lauren Marcus
Esq. Partner Tiber Hudson (Panelist)
Keirston Woods
Shareholder Bryant Miller Olive (Panelist)
CONVERGING PATHWAYS: DIFFERENT ROUTES IN THE INDUSTRY
During this panel, we delved into the stories of diverse women whose experiences have led them down unique pathways in this industry – from non-linear career trajectories to strategic pivots into new opportunities. The following speakers shared their insights and strategies for developing new business, locating unique opportunities, and managing other people’s expectations:
Carri Cowan Robinson
Managing Principal and Founder of Bright Horizon Ventures, LLD (Moderator)
Winell Belfonte
Partner at CohnReznick (Panelist)
Patrice Mitchell
Affordable Housing
Investment Banker Wells Fargo (Panelist)
Maia Shanklin Roberts
Vice President of Real Estate
Development, Mid-Atlantic Preservation of Affordable Housing (Panelist)
KEYNOTE SPEAKER
Gina Nisbeth was the one of the keynote speakers at As We Rise. Nisbeth is the founder and president of 9th & Clinton, a national Black woman – owned firm that provides strategic advisory and investment structuring expertise to real estate developers, fund managers, nonprofits, and for-profit organizations investing in low-income communities for impact.
36,000 New Housing Units by 2025
In 2019, Mayor Muriel Bowser set the goal of delivering 36,000 new housing units, including 12,000 affordable units.
The goal of producing 36,000 housing units in D.C. was achieved during fiscal year 2024! The Agency is excited to have been a part of this significant milestone for affordable housing in D.C.
DCHFA in the News
DECEMBER
APRIL
OCTOBER
D.C. Housing Finance
Agency invests in senior and grandfamily housing
The Washington Informer
Affordable olumbia Heights senior apartment project will cater to ‘grandfamilies’ Washington Business Journal (bizjournals.com)
SOME Opens Roberts Residences, a new affordable housing building in Northeast Washington AP News
DCHFA appoints Marcus Ervin as Senior VP of multifamily lending
The Washington Informer
NOVEMBER
With Amazon backing, Northbridge and partners expand assisted living medicaid model in DC
Senior Housing News 2023
CRP, Manna start construction on D.C. property
Multi-Housing News (multihousingnews.com)
2024
JANUARY
D.C. residents find dream home in new affordable housing development WTOP News
FEBRUARY
DC’s tools to create and preserve Affordable Housing (dcfpi.org)
MARCH
New affordable housing opens in Anacostia, America’s Islamic Heritage Musem gets new permanent home D.C. News Now
Affordable housing development in Anacostia impresses district native
The Washington Informer
TM associates opens $95M affordable community in DC Multi-Housing News (multihousingnews.com)
TM Associates announces opening of 177-Unit MDXL MultifamilyBiz.com
MAY (45) Season 4, Episode 54Older americans month Housing Discussion YouTube
JUNE Tikisha FOX5 Live Zone
Guy Lambert’s public affairs show WPGC
Taking to the Streets WHUR
The Morning Show WPGC
DCHFA celebrates 45 years of homeownership opportunities
The Washington Informer
DCHFA’s 2024 Todd A. Lee
Scholarship deadline extended to July 12
The Washington Informer
Homeownership Supplement
Washington Informer
Know your rights as a homebuyer and homeowner The Washington Informer
Tikisha Wilson; Director or Single-Family Housing/DCHFA Informer WIN tv (youtube.com)
D.C. affordable project lands $134M financing package Multi-Housing News (multihousingnews.com)
DC’s Barry Farm redevelopment clinches gov’t financing Commercial Observer
DCHFA Issues $61M for 139 affordable apartments in ward 8’s Barry Farm Connect CRE
Newpoint-sponsored fund provides $13.3M bond financing for affordable housing rehab in Southeast DC REBusinessOnline
AHC, Hoffman & Associates open 449-unit mixediIncome apartments in Southwest DC REBusinessOnline
This Week’s D.C. Deal Sheet (June 6, 2024) bisnow.com
Homeownership in DC WHUR 96.3 FM
D.C. ‘Flatiron’-style multifamily development Receives Full Funding Commercial Observer
A look at down payment assistance programs washingtonblade.com
NoMa’s ‘Flatiron’ apartment project lands construction financing bisnow.com
JULY
NRP Group, Marshall Heights break ground on 115-unit affordable housing project in D.C. REBusinessOnline
NoMa affordable housing apartments will have amenities that include personal finance classes WTOP News
Grand opening at The Westerly brings housing, retail to Waterfront Station thesouthwester.com
D.C. affordable housing property gets $59M in financing Multi-Housing News (multihousingnews.com)
How to buy a house with low income: tips and assistance programs msn.com
SEPTEMBER
D.C. revives reverse mortgage assistance program for seniors facing foreclosure Mortgage Professional (mpamag.com)
D.C.’s ReMIT program relaunched to aid seniors in preserving homeownership
DCHFA awards scholarships to 12 students in honor of Todd A. Lee
How a D.C.-based reverse mortgage assistance program was revived
Multifamily Lending and Neighborhood Investments
In FY 2024, DCHFA issued $200,079,000 in bond financing for the redevelopment of 475 affordable housing units in Wards 2, 3, and 4. In addition to this tax-exempt financing, DCHFA underwrote $29,802,685 in D.C. and $155,615,454 federal LowIncome Housing Tax Credit (LIHTC) equity to finance these projects.
Projects Closed in FY 2024
McKinney Act
Loan
deals that closed FY 2024
DCHFA’s McKinney Act Loan Program is for shortterm predevelopment “bridge” loans that can be used to finance the acquisition, pre-development, construction, or rehabilitation of a development.
One Hawaii - New Construction, Ward 5
The Emblem (NoMa Union Market) (HUD Risk Share transaction)New Construction, Ward 6
The Edmonson (Second Phase of Barry Farm) Building 1A - Rehabilitation, Ward 8
Edgewood V - New Construction, Ward 5
Roberts Residences
1515 N Capitol St NE
Ward 5, New Construction
139 apartment homes
reserved for those earning less than 50% and 30% of the Area Median Income (AMI).
$33,174,210 bond amount
$20,268,248 Low Income Housing Tax
Credits (LIHTC) equity
$68,070,758 Total Development Cost (TDC)
Developed by SOME (So Others Might Eat)
The Westerly (Waterfront Station)
1000 4th Street SW
Ward 6, New Construction
136 affordable homes for 30% of the AMI those earning up to 50% of the AMI.
$15,650,000 in tax-exempt bond financing
$10,139,286 in LIHTCs
$32,328,258 TDC
Developed by Hoffman & Associates, Affordable Homes & Communities (AHC), City Partners, and Paramount Development.
The Westerly was honored at the 2024 HAND Honors with the Best Large Affordable Housing Project award.
Terrace Manor
3301 23rd St SE
Ward 8, New Construction
130 apartment homes
reserved for residents earning 60% or less of the AMI.
$36,990,000 in tax-exempt bond financing
$33,800,000 in LIHTCs
DCHFA’s Level I Risk Share Program
$24,500,000 loan from its HPTF
$81,411,959 TDC
Developed by WC Smith and the Anacostia Economic Development Corporation (AEDC)
Paxton
(Benning Corridor)
1611 Benning Rd NE, Ward 7, New Construction
148 affordable apartments
reserved for residents earning 50% or less of the AMI.
$46,920,000 in tax-exempt bonds
$42,020,000 in D.C. and federal LIHTC equity
$29,020,000 HPTF
$101,062,331 TDC
Developed by Foulger Pratt and Enduring Affordable Housing Corporation
Beech Tree Apartments
(Shepherd Park Apartments)
7428 Georgia Ave NW
Ward 4, New Construction
66 affordable apartments reserved for tenants at or below 30% of the AMI and households earning up to 60% of the AMI.
$16,300,000 in tax-exempt bonds
$9,023,367 in LIHTC
$11,700,000 HPTF
$33,792,756 TDC
Developed by Lock 7
3450 Eads
3450 Eads St NE
Ward 7, New Construction
49 units
reserved for residents earning 30% or less, 50% or less, earning up to 60%, earning up to 80% of the AMI.
$2,500,000 in tax-exempt bonds
$14,100,000 in D.C. and federal LIHTC equity
$18,900,000 HPTF
$45,200,000 TDC
Developed by Neighborhood Development Company
Station U & O
Apartments
1707 7th St NW
Ward 2, New Construction
108 affordable homes
reserved for residents earning up to 80%, with the majority reserved for those earning 60% or less of the AMI.
$29,460,000 in tax-exempt bonds
$24,580,000 in federal LIHTC equity
$15,600,000 HPTF
$58,926,451 TDC
Developed by Dantes Partners and the H Street Community Development Corporation
1530 First Street
1530 First Street SW
Ward 6, New Construction
101 affordable apartments
reserved for residents earning 30% or less of the AMI and 80% reserved for those earning 50% or less of the AMI.
$33,400,000 in tax-exempt bonds
$28,300,000 in D.C. and federal LIHTC equity
DCHFA’s Level I Risk Share Program
$13,000,000 HPTF
$68,188,277 TDC
Developed by TM Associates, UPO Community Development Corporation, and Manna
The Clara on MLK
2323 Martin Luther King Jr.
Ave SE
Ward 8, New Construction
81 units reserved for residents earning 30% and 50% or less AMI.
$19,700,000 in tax-exempt bonds
$16,900,000 in D.C. and federal LIHTC equity
$14,000,000 HPTF
$43,277,665 TDC
Developed by Banneker Ventures and Medina Living Ideas for Family Excellence
Community Development Corporation
Ridgecrest Village
2000 Ridgecrest Ct SE
Ward 8, Rehabilitation
148 affordable apartments
reserved for residents earning 80% or less of the AMI.
$21,900,000 in tax-exempt bonds
$16,830,000 in D.C. and federal LIHTC equity
$16,130,000 HPTF
$48,871,047 TDC
Developed by The NHP Foundation
Cascade Park
236 4th St SE
Ward 8, Rehabilitation
59 units
reserved for residents earning up to 80% of the AMI.
$11,100,000 in tax-exempt bonds
$6,400,000 in LIHTC
$9,300,000 HPTF
$23,592,385 TDC
Developed by Dantes Partners and H Street Community Development Corporation
Villages at Parkland
Huntington Village at 3526
Stanton Rd SE, Orchard Park at 3401-3629 22nd St SE
Ward 8, Rehabilitation
673 units
reserved for residents earning 30% and 60% of the AMI or less.
$59,200,000 in tax-exempt bonds and underwrote
$43,600,000 in D.C. and federal LIHTC equity
$29,020,000 HPTF
$39,000,000 Office of the Deputy Mayor for Planning and Economic Development (DMPED) New Communities Initiative (NCI) loan
$121,000,000 TDC
Developed by MidAtlantic Realty Partners, Taylor Adams Associates and CSG Urban Partners
Portfolio and Asset Management
DCHFA’s Portfolio and Asset Management (PAM) division is responsible for monitoring all multifamily developments financed by the Agency. As of the end of September 2024, DCHFA’s multifamily portfolio consists of 201 multifamily properties, totaling 28,279 units. DCHFA’s portfolio includes all active and inactive multifamily loans and LIHTC developments for which the Agency provides compliance and monitoring support.
HUD Level 50/50 Risk Share
The Department of Housing and Urban Development (HUD) Level I 50/50 Risk Share program provides an alternative financing option for developers who preserve affordable housing. DCHFA recognizes the importance of rehabilitating existing properties as much as creating new housing in the District of Columbia. The Federal Housing Administration (FHA) assumes a portion of the risk and delegates loan processing and asset management functions to DCHFA, a qualified participating entity (QPE). FY 2024 was the Agency’s seventh year as a 50/50 Risk Share lender.
FINANCED:
The Emblem (NoMa Union Market) (HUD Risk Share transaction)
DELIVERED: 1530 First Street
1530 First Street
Housing Investment Platform
DCHFA established the Housing Investment Platform (HIP) as a resource for innovative investments that will increase the Agency’s support of the District of Columbia housing market outside of the traditional bond and tax credit financing.
HIP’s Single Family Investment Fund provides joint venture capital to emerging developers for the creation of forsale workforce housing in the District. In addition, HIP fosters neighborhood stabilization through homeownership opportunities while supporting developers with capacity-building-
opportunities.
An investment from HIP significantly reduces the amount of capital the developer needs to contribute to the project, but in return the developer agrees to market and sell the new single-family homes to households earning workforce incomes of 80%120% of the Washington, DC, median family income, also known as the “missing middle.”
To date, HIP investment has supported six different urban infill projects, creating a pipeline of 79 single-family homeownership opportunities. To date, 32 units have been completed and sold to
homebuyers. Another 20 units are scheduled for delivery throughout late FY 2024 and early 2025. The remaining 27 units will be delivered in late FY 2025.
Single-Family Programs
Kelsi Pilcher is a first-time homebuyer that used DC Open Doors (DCOD) to purchase her Ward 6 home during the 2024 fiscal year.
““Being a homeowner means taking financial responsibility by creating an investment into myself and future financial planning… There’s a personal satisfaction in achieving ownership in what is likely the most expensive purchase an individual will make. Although owning a home is a huge responsibility, its opportunities for building wealth are boundless,” said Kelsi.
Kelsi is an attorney that relocated to D.C. in May 2024. She ran across the DC Open Doors program online and worked with a realtor soon after to secure her dream home with DCHFA’s down payment and closing cost assistance.
“She stated there is a stigma surrounding buying a home as a single woman; however, she embraced the power and independence of the process. “It was a quick process thanks to my realtor who was able to timely find a property that checked all of my boxes,” Kelsi stated.
With the use of DC Open Doors, Kelsi is increasing her financial stability through appreciation and building equity with her new home in the District.
DC Open Doors FY 2024 Highlights
DC Open Doors Mortgage Assistance Loans by Ward
Home Purchase Assistance Program
DCHFA is a co-administrator of the District of Columbia Department of Housing and Community Development’s (DHCD) DC Home Purchase Assistance Program (HPAP). The Agency works in tandem with the Greater Washington Urban League and community-based organizations to get prospective homebuyers through the HPAP process and into the D.C. home of their dreams.
In FY 2024, DCHFA closed 193 HPAP loans for first-time homebuyers for a total of $21,660,038 funded.
HPAP Loans by Ward
Number of Notice of Eligibility (NOE) Applications Received: 611
NOEs issued: 453
Total closed loans: 193
Average purchase price: $401,250.00
Average loan amount: $112,235.00
Average age of homebuyer: 39
Average household size: 2
DC4ME
DCHFA launched DC4ME in 2019 to provide D.C. government employees mortgage assistance in the form of a 0% deferred subordinate loan. Qualified District government employees can receive a reduced interest rate first trust mortgage with optional down payment assistance.
DC4ME is offered to full-time District government employees, including those who may not meet the criteria for the Employer-Assisted Housing Program (EAHP) administered by DHCD. Under DC4ME, all D.C. government-based instrumentalities, independent agencies, D.C. public charter schools, and organizations that fall under the oversight of the Council of the District of Columbia qualify for the program.
Total closed loans: 10
Total loan amount: $2,963,361
Total down payment assistance amount: $17,655
DC Open Doors and DC4ME 10% Down Payment Assistance Program
The DC Open Doors and DC4ME 10% Down Payment Assistance Pilot Program is a resource for first-time and step-up homebuyers that are being squeezed out of the market by the dual causes of rising interest rates and low inventory of houses in the District.
This program aligns with DCHFA’s mission of providing homeownership opportunities and the Agency’s values of being innovative in its approach to provide capital needed to create new homeowners.
WHY WAS THE PROGRAM CREATED?
Capital Bank, the top-producing DC Open Doors, approached the Agency to partner with them on a pilot program that would relieve the pressure on first-time and step-up buyers by providing 10% down payment assistance. For these buyers, saving the downpayment is a top barrier to entering the home- buying process.
HOW DOES THE PROGRAM WORK?
The maximum loan amount will be 10% of the purchase price. The average loan size right now is about $425,000, so that would equate to $42,500 in down payment assistance. This will vary depending on the purchase price of the home. The max loan amount is the 2024 conforming loan limit set by the Federal Housing Finance Agency.
The 10% down payment assistance loan will be a 0% interest, non-amortizing loan repayable upon refinance, payoff, or if the property ceases to be the borrower’s primary residence.
Homebuyers that participate in the program will also be eligible for Capital Bank’s $2,500.00 closing cost program simultaneously, only offered to recipients of the 10% Down Payment Assistance Loans Pilot Program.
Celebrating Home ownership
DISTRICTOF COLUMBIA HOUSING FINANCEAGENCY
Statements of Revenues, Expenses and Changes In Net Position For the Years Ended September 30, 2023and 2022
REVENUES
EXPENSES
NON-OPERATING REVENUES/(EXPENSES)
Statements of Revenues, Expenses and Changes In Net Position For the Years Ended September 30, 2023and 2022
REVENUES
EXPENSES
NON-OPERATING REVENUES/(EXPENSES)
DISTRICTOF COLUMBIA HOUSING FINANCEAGENCY The accompanying notes are an integral part of
8,125,894
DISTRICTOF COLUMBIA HOUSING FINANCEAGENCY
Statements of Revenues, Expenses and Changes In Net Position For the Years Ended September 30, 2023and 2022
REVENUES
EXPENSES
NON-OPERATING REVENUES/(EXPENSES) Federal and city grant programs Grant program revenue 45,462,996 8,125,894 Grant program expenses (45,459,031)(8,125,894) Increase (decrease) in fair value of mortgage-backed
(6,857,488)
non-operating (expenses)/revenues
(6,857,488) Change in net position 25,913,446 8,964,843 Net position, beginning of year 164,522,366155,557,523 Net position, end of year 190,435,812 $ 164,522,366 $
DISTRICTOF COLUMBIA HOUSING FINANCEAGENCY
Statements of Revenues, Expenses and Changes In Net Position For the Years Ended September 30, 2023and 2022
REVENUES
NON-OPERATING REVENUES/(EXPENSES)
non-operating (expenses)/revenues
Written by Keme Arigbe, Public Relations Associate, DCHFA
Edited by DCHFA PR (Yolanda McCutchen, Vice President and Keme Arigbe)
Designed and Copyedited by Brandire
Photography by Chris Spielmann, Spielmann Studio
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