A render of the 129 unit affordable housing project planned at 218 Vine St. NW.
New affordable senior housing development underway in Northwestern DC Takoma district.
Jair Lynch Real Estate Partners held a virtual revolutionary ceremony Tuesday for the 129-unit project at 218 Vine St. NW. The 129 apartments will be affordable at a median income of 60% and below, and they will be independent living units for seniors, said CEO of Jair Lynch Real Estate Partners Jair lynch Recount Bisnow.
“We think it’s very important to build affordable housing in high-need areas to allow seniors to age in place,” said Lynch. “I grew up in Ward 4 of the neighboring Shepherd Park Ward. I know many government officials and other middle class people who have lived in houses and are looking to age in the neighborhood.”
This is the first ongoing project under Jair Lynch’s Affordable Housing and Workforce Strategy, an initiative he announcement in 2019 in partnership with the California State Teachers Retirement System. The strategy was originally advertised as a $ 200 million initiative, but Lynch said Bisnow it rose to $ 400 million.
To finance the Takoma project, the developer secured $ 21.5 million in tax-exempt bond financing from the DC Housing Finance Agency, which also subscribed $ 9.8 million in low-income housing tax credits. The Ministry of Housing and Community Development provided a $ 13 million loan from its Housing Trust Fund.
“Today is a special day in Ward 4,” Deputy Mayor for Planning and Economic Development John Falcicchio said in a statement. “We will continue to invest in projects that bring housing, in particular affordable housing, to neighborhoods in the eight neighborhoods through the use of public-private partnerships.
The promoter also received funding from Wells fargo and Freddie mac, said Lynch. Jair Lynch Real Estate Partners acquired the site in August 2017 for $ 4.6 million, according to property records.
The project, designed by KTGY Architecture + Planning, is also a partnership with Housing Up, an affordable housing provider that will offer on-site programs to residents. Programming will include education, health, employment and community development services.
The development is located at the intersection of Vine and Maple streets NW, approximately two blocks from the Takoma subway station. It is on the same block as a warehouse which Menkiti Group acquired in April 2019, story Bisnow at the time that he will likely pursue a multi-family redevelopment on the property in the long term.
Jair Lynch, CEO of Real Estate Partners, Jair Lynch, will discuss the project on April 21 at by bisnow More DC Transit Focused Development digital summit.