R-Street Apartments
Washington, D.C.
When the former owners put the R-Street Apartments up for sale, residents banded together and reached out to the National Housing Trust-Enterprise Preservation Corp. and Hampstead Development Group for help to purchase and renovate the buildings. The two organizations financed the $24.5 million acquisition and renovation with a combination of Historic Rehabilitation Tax Credits and federal low-income tax credit equity.
To help finance renovations, the D.C. Housing Finance Agency also played a significant role, issuing more than $12.3 million in tax-exempt bonds to help subsidize the renovation and construction and supported the long-term financing of the project. The housing authority managed the property’s transition to the income-based Enhanced Housing Choice Voucher program.