Community Preservation and Development Corporation for Randle Hill Apartments
Location: Washington, DC
Loan Amount: $650,000
Loan Type: Predevelopment
Project Description: This predevelopment loan will cover expenses incurred in the preservation of Randle Hill Apartments, a 196-unit development in the Congress Heights neighborhood of Washington DC. CPDC acquired the property in December 2016, and is applying for and allocation of 4% LIHTC and tax exempt bonds from the Washington DC Housing Finance Agency. This project will improve an older apartment property in a transitioning area of Washington DC, and provide affordable homes to both low-income families and moderate-income families, as only 80% of the apartments will be subject to rent restrictions. This will reduce displacement of households earning more than 60% AMI but are long-time community residents.