In less than a 28-day lunar cycle, a 10-story high-rise for the elderly has been erected in Washington's Chinatown -- at a rate of about one floor every two days. When it is ready for occupancy this spring, the 153-unit Wah Luck House at Sixth and H streets NW will house residents of the Chinese community displaced by the construction of the new convention center.

Forest City Dillon, Inc. of Ohio erected the structure, for the Washington Chinatown Development Co. by assembling 1,400 concrete prefabricated elements on the site, a spokesman for the company said.

The Washington D.C. Housing Finance Corp. placed the tax-exempt contruction loan for the Wah Luck -- "Chinese Happiness"-- project, designed by architect Alfred H. Liu.

The $8 million dollar property is owned by the Washington Chinatown Development Co., but will be leased and operated by the National Housing Partnership. The NHP is a federally chartered, private organization that frequently works with community groups to develop multifamily rental housing.

Citizens displaced from their homes because of public action will receive first priority in apartment allocation. As a Section 8 rental subsidy program, rent in the Wah Luck House will be determined by the tenant's income. According to the regulations in the housing section, tenants may pay up to 30 percent of their income. Differentials in the price of the unit and the payments made by renters will be supplied by the Department of Housing and Urban Development.