Garfield Hills is located in Southeast Washington, D.C., the quadrant of the nation’s capital that has struggled for decades with chronically high rates of unemployment, low household incomes and significant crime. In recent years, the D.C. government has targeted the area for significant public investment leading to the rise of property values.
"Hot markets" such as Washington, D.C. can tempt owners of subsidized housing to 'opt out' of rent-stabilizing programs by selling their developments to the highest bidder. POAH sought the purchase of Garfield Hills to ensure its preservation and is working with the District on the nearby Barry Farm revitalization to provide even more needed affordable housing.
The financing package for Garfield Hills combined tax-exempt debt, syndication proceeds from the sale of Low Income Housing Tax Credits and a restructured mortgage from HUD. POAH completed various upgrades to the property, including new balconies for all units, upgrades of heating, cooling and electrical systems, and construction of a community center which provides training and meeting space, a large common laundry area, and the site management office.
- District of Columbia Housing Finance Agency
- Local Initiatives Support Corporation (LISC)
- US Department of Housing and Urban Development (HUD)