Project Spotlight: The Villages of East River, Washington, D.C.

This 202-unit, scattered-site property comprising 16 buildings is located in the predominantly Black neighborhoods of Wards 7 and 8 of Southeast Washington, D.C. In our continuing efforts to create equity around housing, we provided a $6.4 million loan to NHT Communities, an SAHF member. The proceeds were used to refinance a maturing short-term acquisition loan, and LIIF assuming the first-lien position for the interim financing package that provided a bridge to a full recapitalization using tax-exempt bonds and 4% tax credits. Additionally, LIHTC was done through NAHT and our joint venture.