The acquisition of Huntington Village and Orchard Park apartments will provide a new influx of capital that preserves housing affordability while enabling the property to undertake modernization for community enhancement. The communities are financed utilizing tax-exempt bonds (debt), equity from the sale of Federal (4%) and DC LIHTC, and deferred developer fee. The two communities are made up of 461 existing multifamily residential units located in Southeast DC as part of a larger community, Villages at Parklands. The acquisition plan incorporates much needed site updates and improvements with the intention to extend the useful life of the existing community. The apartment buildings were constructed in the Randle Heights neighborhood during the 1950s and last underwent renovation in 2006. Following the completion of the current renovation, both Huntington Village and Orchard Park will continue to be LIHTC restricted at 60 percent of AMI.
This acquisition and rehabilitation will meet the District of Columbia Government’s top priorities by preserving affordable housing in Southeast Washington DC and offering community improvements that will enhance the residential and neighborhood experience, raising the bar for future development in and around the existing neighborhood. With a combined history of nearly 50 years operating in the District of Columbia with the shared goal of creating and preserving affordable housing in the District, Dantes Partners, L+M Development Partners and H Street CDC are uniquely suited to implement the updates and improvements desired by the residents of the Huntington Village and Orchard Park.