The shortage of affordable housing in the District continues to be a major problem for low- and moderate-income residents. The NHP Foundation, a 27-year-old not-for-profit real estate corporation, recently began a $24 million rehabilitation of the Parkchester Apartments, at 2704 Wade Rd. SE.
“The Parkchester Apartments are older and need a lot of renovation,” said Joseph Wiedorfer, a senior vice president of the NHPF. “At the same time, it was easier to get financing for this rehabilitation because 100 percent of the residents are using Section 8 housing vouchers and it’s located in Ward 8, where there’s a great need for affordable housing.”
The residents at Parkchester earn 50 percent or less of area median income ($109,200), so a household with two people would have a maximum income of $43,680 to qualify to live there.
Wiedorfer said that just 12 of the 93 units were vacant when NHPF bought the property, and all residents will return to live in units there once they are renovated. NHPF is working on the first building, so those residents have been moved to other units or to another nearby location until the work is complete. He anticipates the renovation to be complete within 15 months.
“We’re spending more on this renovation than usual, about $90,500 per unit, when normally we spend $30,000 to $60,000 per unit,” Wiedorfer said. “That’s mostly just because D.C. is an expensive city and there are more regulations to comply with here than in some other cities where we have rehabilitated apartments.”
The units will be renovated with new systems, appliances, flooring, bathrooms, kitchens and windows. The community has a grill area and laundry room, both of which are being refurbished. NHPF has added security cameras and keyless entry systems and will build a tot lot and a community room where residents can participate in an array of resident programs.
“This is the beauty of a public-private partnership,” Wiedorfer said. “The residents can live in essentially a brand-new apartment but will continue to pay 30 percent of their income in rent as they always have.”
For more information, visit www.nhpfoundation.org.
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