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Residences at Hayes Affordable Housing Community Welcomes First Residents
October 23, 2018
Pennrose and co-developer The Warrenton Group are pleased to announce that residents have begun moving in to The Residences at Hayes, an affordable housing community located in the Deanwood neighborhood of Washington, D.C. This highly-anticipated milestone marks the culmination of an effort to transform a blighted vacant property into 150 units of quality affordable housing for D.C. residents in the Ward 7 district.
The Residences at Hayes offers four stories of studio, one-, two-, three-, and four-bedroom apartments. The development includes 50 apartments designated as replacement units for the Lincoln Heights/Richardson Dwellings public housing community, through the New Communities Initiative. Community amenities include a community room, teen activity area with a cybercafé, a fitness room, three private courtyards, a bike storage room, and a tot lot.
“Having residents begin to move into this development is the culmination of the city’s vision for this neighborhood. Seeing how excited residents are to move into these beautiful affordable housing units exemplifies the Heart and Soul side of our business.”” said Ivy Dench-Carter, Regional Vice President at Pennrose. “We are thrilled to be working with our partners at DCHA, as they provide the subsidy and capital funding making the replacement units affordable for the residents of Lincoln Heights/Richardson Dwellings.”
Torti Gallas Urban provided architectural services for the redevelopment and Harkins Builders, Inc. was the general contractor. Pennrose Management Company is providing professional management oversight for the community, offering supportive services and programmed community spaces for residents.
Funding for the $34.9 million project came from $6.1 million in long term tax-exempt financing from the D.C. Housing Finance Agency and Citi Community Capital, $14.6 million of low-income housing tax credits, a $9.5 million New Communities Initiative loan, a $2 million D.C. Housing Authority loan, a $1.5 million Citi Affordable Housing Catalyst loan, and deferred developer fees.