DCHFA Announces Winner of 2nd Annual Affordable Housing Development Award
Washington, D.C. – The D.C. Housing Finance Agency (HFA) has awarded its 2nd Annual Affordable Housing Development Award of Excellence to Golden Rule Plaza, Inc. for its development of Golden Rule Plaza, which is a 119-unit affordable rental housing development for senior citizens. The new high-rise building was the vision of The Bible Way Church's founder, Bishop Smallwood E. Williams.
The award is presented to the HFA-financed development that most exemplifies a quality affordable housing project in Washington. In Fiscal Year 2002, the HFA provided $94.6 million in tax-exempt and taxable bond financing for 11 projects totaling 1,727 affordable housing units. Golden Rule Plaza ranked the highest among those HFA-financed projects in the following five categories: best construction concept, affordability, community need, cost efficiency and uniqueness. The HFA provided $6.3 million in tax-exempt bond financing and $2.5 million in taxable bond financing for Golden Rule Plaza. The seven-story apartment building will only house individuals 62 years of age and older that earn less than 60% of the Area Median Income, which is less than $45,750 annually. The housing development was originally located in Ward 2, but redistricting has placed it in Ward 6. Councilmember Sharon Ambrose is the development's new city council representative, and she has pledged her full support. Golden Rule Plaza is the first affordable housing for senior citizens to be built in Ward 6 in several years. Construction began in August 2002 and is slated for completion in July 2003. The HFA also allocated $6 million in tax credits, which were purchased by Apollo Housing Capital. The Department of Housing and Community Development provided $3.5 million in predevelopment costs and permanent subsidy. Federal Home Loan Bank of Atlanta, Riggs Bank, Housing Linkage and Square 456 Associates were also financial participants. Golden Rule Plaza Inc. has partnered with Mission First Development to oversee the housing development from construction to lease up. The HFA announces the winner of the Affordable Housing Development Award of Excellence each December. Winners receive a plaque and are honored at a special HFA-sponsored event. The award is the agency's opportunity to recognize developers who help bring quality affordable housing to low- and moderate-income residents and provide exemplary contributions to the production of housing in Washington. Author Contact Info: DCHFA Press Officer |