The D.C. City Council approved resolutions yesterday authorizing the city's Housing Finance Agency to issue $84.1 million in tax-exempt revenue bonds to finance the construction and remodeling of 1,706 housing units, many of them for low- to moderate-income tenants.
The projects will be undertaken in five of the District's eight wards and include substantial rehabilitation of the 569-unit Mayfair Mansions Apartments in Ward 7 and construction of 204 units of rental housing as part of the Fort Lincoln New Town Apartments in Ward 5.
The resolutions cover nearly all of the projects pending before the Housing Finance Agency. The council rushed to approve the resolutions to avoid any restrictions on the issuance of tax-exempt bonds that may be included in tax-overhaul legislation being considered by Congress.
"This is very, very significant legislation," said council member Charlene Drew Jarvis (D-Ward 4), chairman of the Committee on Housing and Economic Development. "If the projects had been done with private financing, the city would not have been able to require a substantial number of units for families in need."
The projects approved by the council will provide 791 units for low-income families. To date the agency has financed 2,200 units, according to Housing Finance Agency records.
The majority of projects approved yesterday were included in a pooled multifamily financing program, to be financed by an $83.3 million bond issue that includes $7.5 million for the cost of the issuance.
Any federal tax-reform measure affecting the agency's bond authority is likely to be retroactive to Jan. 1, 1986, according to city officials. The pooled financing program will make it possible for the agency to continue its current bond activities through 1987.
The bonds would be issued before Dec. 31 and the proceeds would be placed in escrow for more than two years to allow the projects to be completed.
The HFA also received approval yesterday to provide $800,000 in financing for a 42-unit complex called Geraldine Apartments, located on Wheeler Road SE. The developer, J&B Limited Partnership, already has spent $400,000 on the project, according to the city.
The seven separate resolutions approved by the council contained the following details about the projects in the pooled multifamily financing program:
*Fort Lincoln New Town Apartments at Fort Lincoln and Barnaby drives NE. The $9.9 million project calls for 204 new housing units, 41 for low-income families. The proposed developer will be a limited partnership that includes the Fort Lincoln New Town Corporation, whose principals are Michelle Hagans and Ralph Taylor.
*Potomac View Apartments at Martin Luther King Avenue and Irving Street SW. At a cost of $10.5 million, Lloyd Equities Inc., a New York-based real estate firm, and a limited partner to be named, plan to renovate 300 units of the garden-style complex, which was built in the 1940s and has been 75 percent vacant for the last 13 years.
*Mayfair Mansion Apartments at 3819 Jay St. NE. Renovation work for the 569 units contained in 17 buildings on a 34-acre site is estimated to cost $19.6 million. Kenilworth Associates, a District limited partnership, is the proposed recipient of the HFA loan funds. The project is expected to produce 323 units for low-income families.
*New Amsterdam Apartments at 2701 14th St. NW. At a cost of $3.6 million, the vacant, historic eight-story building with 90 rental units and ground-level commercial space will be restored by the New Amsterdam Associates. The general partners are Berlin Hollingsworth and his wife Reba Ross Hollingsworth of the Ross Co. of Delaware and Bernard B. Beal of E.F. Hutton & Co.
*Village at McLean Gardens, South Apartments at Newark Street and Idaho Avenue NW. For $21.5 million, developer VGM Associates plans to construct 214 units of new rental housing and ground floor retail space in a nine-story residential tower with garage parking for 181 cars. The project would provide 43 low-income family units.
*St. Augustine's at 14th and V streets NW. The 14th and U Streets Coalition selected Joseph Horning and his firm, Double H Housing Corp., to build 32 units of rental housing at a cost of $1.1 million near the site of the District's new municipal office building.
*Southern Hills Apartments at Fourth and Livingston streets SE. This project calls for the renovation of 255 units, all for low-income families, at a cost of $9.4 million.