The Woodmont Crossing United Tenants Association selected the NHP Foundation as its partner for the acquisition of the complex as part of the DC Tenant Opportunity to Purchase Act (TOPA).
Financing was secured by a loan from the District of Columbia Housing Finance Agency (DCHFA) and through low-income-housing tax credit financing from the Royal Bank of Canada.
Woodmont Crossing’s designation as a low-income-housing tax credit property includes a restriction that all of the units will be rented at a rate affordable for residents earning 60 percent of median family income ($110,300 in the District) or less.
The NHPF plans to invest $42,000 per unit to renovate the two- and three-bedroom apartments, including kitchen and bathroom upgrades. In addition, 5 percent of the units will be fully accessible for people with disabilities. The property hasn’t been renovated since it opened in 2002.
Woodmont Crossing is the fifth TOPA project in the District to be purchased in partnership with NHPF.
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