UPDATE: DCHFA Finances The Preservation Of 188 Affordable Homes In Adams Morgan With Its Risk-Share Program

(MENAFN- GlobeNewsWire - Nasdaq) Washington, D.C., May 01, 2026 (GLOBE NEWSWIRE) -- On April 27, 2026, the District of Columbia Housing Finance Agency (DCHFA) issued $65 million in tax exempt bonds, underwrote $54.3 million in federal and $9.8 million in DC Low Income Housing Tax Credit (LIHTC) equity for the substantial rehabilitation of 188 apartments across various locations within the neighborhood of Adams Morgan.“DCHFA prioritizes community development and affordable housing across the District. This project allows us to impact not only multiple parts of the city, but also deep dive into the heart of Adams Morgan, street by street, through the development's scattered site. DCHFA recently participated in the ribbon cutting ceremony of Ontario Place, another affordable community in Adams Morgan, and we're proud to finance additional homes here with Jubilee through DCHFA's risk-share program,” stated Christopher E. Donald, Executive Director/CEO, DCHFA.

Jubilee Housing and Bread of Life Church are the developers of this $148 million rehabilitation, which includes six different buildings that are less than a half mile from one another. The site has 188 units including 45 studios, 61 one-bedroom homes, 55 two-bedroom homes, and 27 three-bedroom homes. This community will be restricted to residents earning 30%, 50% and 60% of area median income (AMI) or less. In-unit renovations will include new flooring, kitchens, bathrooms, unit entry and interior doors, 125-amp electric panels, and Energy Star appliances.

Additional renovations will include upgraded building entrances, security cameras, landscaping, HVAC systems, elevator systems, and installation of solar panels. The development is less than one mile from the Columbia Heights and Woodley Park/Adams Morgan Metro Stations.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers' costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.'s residents for 45 years. The Agency's mission is to advance the District of Columbia's housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation

CONTACT: Yolanda McCutchen DC Housing Finance Agency 202-777-1650... Keme Arigbe DC Housing Finance Agency 202-777-1618...

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