City Atlantic will get $69M for reasonably priced senior housing in Friendship Heights – Commerce Observer

Atlantic City Improvement Secured $69 million in financing to construct a brand new reasonably priced senior housing challenge in Ward 3 in Washington, D.C., which would be the first impartial senior housing challenge within the Friendship Heights space.

The funding will go towards constructing 93 reasonably priced items on the college campus Leisner-Louise-Dixon-Damage Home, one of many oldest long-term care amenities within the space, having been in operation for greater than 80 years. It’s scheduled to bear renovation subsequent 12 months.

“The Leisner Persevering with Care Campus will present a novel and great location for very low-income seniors to reside from impartial residing to assisted residing to nursing care, offering a well-recognized, five-star commonplace of care.” Vicky Davismanaging accomplice at City Atlantic, advised Industrial Observer.

The challenge is financed by Division of Housing and Group Improvement within the Capital‘s Housing Manufacturing Belief Fundfederal and state tax credit on low-income housing, and District of Columbia Housing Finance Division Bonds.

Boston Monetary Funding Administration And Excessive influential capital Offered investing in shares, and Capital One Group Finance, Cedar Rapids Financial institution & BeliefAnd Capital Inexperienced Financial institution Offering debt financing.

93 one-bedroom items, designed by the architectural agency Winsk + Companions, contains 41 reasonably priced items for individuals incomes 50 p.c of the median family earnings (MFI), or $53,250 for a single-person family. The 52 items will probably be designated for seniors with earnings under 30 p.c of the MFI, or a most annual earnings of $31,950.

Every unit will characteristic a washer, dryer, heart island, microwave and walk-in closet.

“Leisner House has a proud historical past of serving seniors within the Friendship Heights space,” Davis stated. “It’s important for seniors to be in a walkable group, near procuring, transit and facilities.”

The situation is throughout the road from parks, church buildings, the Friendship Heights Metro Station, and retailers alongside Western and Wisconsin Avenues.

“The brand new reasonably priced senior residences, together with the renovation of the Forties assisted residing constructing, will change the lives of the seniors we serve for generations to come back.” L. Ward OremLisner-Louise-Dickson-Damage House CEO stated in a ready assertion.

Keith Loria may be reached at chloria@commercialobserver.com.