The Yards' Foundry Lofts over the last several days, and in the past as well, a project that will move forward thanks to the DC Housing Finance Agency (DCHFA) multi-deal bond release under President Obama's New Issue Bond Program (NIBP). This is all big news, as there are a few firsts here: the first HFA in the country to issue an escrow release under the new program, and the Agency's first mixed-income transaction, as 34 of the Foundry Lofts' 170 new rental units (20 percent) will be marketed to families making only 50% of the Area Medium Income (AMI). But the same funding mechanism also enabled yet more public housing; So Others Might Eat's (SOME) "The Scattered Site Project" will also move forward with the assistance of the released funds.
Nelson Architects is responsible for the design of each building. Developers expect to deliver their first building in early 2011, and will complete the roll out of all five by the end of that year.
Washington D.C. Real Estate Development News