Predevelopment Loans

McKinney Act Loans are short-term predevelopment “bridge” loans that can be used to finance the acquisition, predevelopment and rehabilitation costs associated with housing development. Nonprofit and for-profit developers building affordable housing in the District of Columbia are eligible to apply for McKinney Act Loans.

During FY 2022, DCHFA closed a McKinney Act Loan for The Rolark at Congress Heights Metro. The Agency issued $1 million to finance a portion of the project’s predevelopment costs. The developers of this 180-unit project are Banneker Communities, District Development Group and Congress Heights Community Training Development Corporation — together they form Congress Park Community Partners, LLC.

The unit mix at this property will consist of studios, one-, two- and three-bedroom units. The project is still in its preliminary phases, but the anticipated unit mix is 45 units at 30% or less AMI, 75 units at 50% or less AMI and 60 units at 60% or less AMI.