Riverside Capital, LLC (Riverside) announced it has invested $10.1 million in Ainger Place Apartments, a 72-unit new construction property in the Randle Heights neighborhood of Washington, DC. Ainger Place will replace a vacant lot and existing building that will be demolished with a new, three-story elevator building containing 34 one-bedroom units, 30 two-bedroom units and eight three-bedroom units. The property will be developed and managed by The Michaels Organization in conjunction with Ainger Place Development Corporation (APDC), a 501(c)(3) organization founded by Emmanuel Baptist Church.
All the units in Ainger Place will be affordable to households earning between 30 percent and 50 percent of Area Median Income. All of the 30 percent units (18) will have a 15-year Local Rent Supplement Program (LRSP) subsidy, which is administered through the DC Housing Authority. In addition, eight of the one-bedroom units are reserved for women in need of Permanent Supportive Housing (PSH). All residents will have access to support services from Better Tomorrows, a nonprofit strategic partner of The Michaels Organization. The PSH tenants will receive social services from Open Arms, a nonprofit organization founded in 1997 and dedicated to providing housing for homeless women.
Ainger Place Apartments is being financed with four percent Federal Low Income Housing Tax Credits, Tax Exempt Bonds, a HUD FHA 221(d)(4) permanent loan, a Housing Production Trust Fund Program (HPTF) loan Seller financing and deferred developer fee.
