a co sovaina INANE AGENCY
February 18, 2022
The Honorable Phil Mendelson, Chairman
Council of the District of Columbia
1350 Pennsylvania Avenue, N.W., Suite 402
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to D.C. Official Code 42-2702.07, and on behalf of the BoardofDirectors (the
Board)ofthe District of Columbia Housing Finance Agency (the Agency), you are hereby
notified that on February 8, 2022 the Board enacted an Eligibility Resolution for tax-exempt
and/or taxable multifamily housing mortgage revenue bond financing in an amount not to exceed
$63,860,000 for the acquisition, rehabilitation, and equipping of the Congress Park I and I
project (the Development). The Development is expected to be located at 1325-1345
Savannah Street, SE, Washington, DC 20032, in Ward 8. After completion, the Development is
expected to consist of twenty-seven (27) garden-style buildings, containing a total of
approximately three hundred seventy-seven (377) residential rental units.
A copyofthe Eligibility Resolution for the DC Councils review is enclosed as Exhibit A. A
detailed descriptionofthe Development and its intended benefits are provided in the
development financing memorandum enclosed as Exhibit B. Ifyou have any questions, please
contact me at (202) 777-1600.
Sincerely,
Michael L. Hentrel
General Counsel
Enclosures
815 Florida Avenue NW, Washington DC 20001-3017
EXHIBIT A
 DCHFA Resolution No. 2022-02
Congress Park | & Il
Eligibility Resolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
RESOLUTION AS TO THE ELIGIBILITY OF CONGRESS PARK | & Il FOR
TAX-EXEMPT ANDIOR TAXABLE MULTIFAMILY HOUSING MORTGAGE
REVENUE BOND FINANCING
WHEREAS, the District of Columbia Housing Finance Agency (the
Agency) received a request from Standard Property Company and Housing on
Merit (the "Applicants") that the Agency provide acquisition, rehabilitation, and
equipping financing for Congress Park | & II, which, upon completion, is expected
to consist of twenty-seven (27) two and three-story garden-style buildings
containing atotal of three hundred thirty-seven (337) residential units. Congress
Park| is located at 1370, 1389-1397 Congress Street, SE, 1325-1335, 1369 and
1374 Savannah Street, Washington, DC 20032 in Ward 8. Congress Park II is
located at 1313-1379 Congress Street, SE, 3401-3418 13 Place, SE, 3301-3332
14! Place, SE, 1374-1383 Savannah Place, SE, Washington, DC 20032 in Ward
8, (collectively, the Project);
WHEREAS, the Applicant has elected, pursuant to Section 142 of the
Internal Revenue Code of 1986, as amended (the Code), to set aside at least
forty percent (40%) of the units for households at or below sixty percent (60%) of
the area median income ("AMI");
WHEREAS, the Applicant is eligible for Low Income Housing Tax Credits
pursuant to Section 42 of the Code, and has elected to set aside one hundred
percent (100%) of the units at the Projectfor households at or below sixty percent
(60%) of AMI;
WHEREAS, the Agency has conducteda preliminary review of the request
for financing of the Project in order to determine, among other things, that the
Project and the financing requested therefor, comply with the requirements of the
District of Columbia Housing Finance Agency Act, D.C. Law 2-135, as amended,
D.C. Code 42-2701.01 et sea. (the "Act");
WHEREAS, the Applicant has requested financing in an amount not to
exceed $63,860,000 through an offering of the Agency's Tax-Exempt and/or
Taxable Multifamily Housing Mortgage Revenue Bonds (the Bonds) for the
financing, including the financing of reasonably related and subordinate facilities
and any permissible reimbursement expenses of the Project;
WHEREAS, allor a portionofthe Project may be financed with proceeds of
the Agency's Tax-Exempt Multifamily Housing Mortgage Revenue Bonds, and
such portion that is not financed with the Agency's Tax-Exempt Multifamily
Housing Mortgage Revenue Bonds may be financed with proceeds of the Agency's
Taxable Multifamily Housing Mortgage Revenue Bonds;
WHEREAS, Agency staff recommends the issuance of the Bonds in an
amount not to exceed $63,860,000, in one or more series, for the benefit of the
Applicant or other related entity affiliated with or related to the Applicant that will
own and operate the Project (the Borrower); and
WHEREAS, providing the financing requested for the Project will confer a
public benefit and serve the public interest by lowering the cost of and expanding
available housing opportunities for low and moderate income residents of the
District of Columbia (the District), all in accordance with and in furtherance of the
purposes of the Act in the following manner:
1. Making available approximately three hundred thirty-seven (337)
units, one hundred percent (100%) of which are estimated to be
affordable to households with incomes at or below sixty percent
(60%) of AMI;
Providing opportunities for construction jobs to District residents by
requiring that the Applicant and the Borrower give priority to District
residents; and
Contributing to the overall social and economic improvement of the
Congress Park neighborhood.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Agency (the Board") that:
1 Based upona review of the request by Agency staff as it relates to the
Project, the report on such review to the Board, the favorable
recommendation of the Executive Director/CEO, and upon due
deliberation and consultation with Agency staff, the Board hereby
determines that, based on the requirements of eligibility forfinancing by
the Agency, the Project and its financing by the Agency will meet the
requirements of the Act.
Final approvalof any financing shall be subject
to such terms, conditions
and documentation acceptable or deemed necessary by the Agency.
This reservation of volume cap in the amount of $63,860,000, to the
extent available to the Agency, is for a period of twelve (12) months
which period may be extended at the sole discretion of the Board
. Adoption of this Eligibility Resolution shall not constitute a commitment
from the Agency to issue the Bonds or to provide financing for the
Project.
The Executive Director/CEO is authorized to undertake such actions as
are required to be taken pursuant to the Act and the regulations of the
Agency, including the selection of tax professional services.
The Executive Director/CEO is hereby authorized and directed to send
to the Chairperson of the Council of the District of Columbia written
notification of the adoption of this Eligibility Resolution describing the
nature of the Project and the benefits designed to result therefrom as
required by D.C. Code 42-2702.07.
'. This Eligibility Resolution shall take effect immediately.
DCHFA Resolution No. 2022-02
ADOPTED ON FEBRUARY 8, 2022
AT A MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Buwa Binitie : APPROVED
Stephen M. Green :ABSTAINED
Scottie Irving APPROVED
Stanley Jackson APPROVED
Heather Howard APPROVED
EXHIBIT B
 MULTIFAMILY UNDERWRITING MEMORANDUM
INDUCEMENT RESOLUTION APPROVAL
CONGRESS PARK PLAZA I & II
1325-1345 Savannah St. SE, Washington DC, 20032
377 UNITS
DEVELOPER(S): Standard Property Company and Housing on Merit
ACQUISITION & REHABILITATION
NOT TO EXCEED $63,860,000
Maximum LTV: 90%, Minimum Debt Service: 1.15x, OR HIGHER, AS REQUIRED BY LENDER
James Holley-Grisham
DATE: February 8, 2022
 Multifamily Lending and Neighborhood Investments
Credit Approval Request
Overview:
Project Name: Congress Park Plaza I & II Apartments
Project Address: 1327 Savannah St. SE / 1313 Congress St. SE, Washington, DC, 20032
Ward: 8
Census Tract 73.04
DDA/QCT? Yes
# of Units 377
Building Type: Substantial Rehabilitation
Primary Developer: Standard Property Company
Tax Exempt Bond Issuance Amount: $63,860,000
AMI Restrictions: 60% AMI or Less
Applicable Subsidy: Section 8 HAP Contract
Development Team: Name:
General Contractor: Whiting-Turner Contracting Company
Property Manager: The Franklin Johnson Group
Architect: The Architectural Team, Inc.
Construction Lender: Citibank, N.A.
Permanent Lender: Citibank, N.A.
Bond Counsel: TBD
Submarket:
Neighborhood: Congress Heights
Walk Score: 68
Transit Score: 70
Real Estate Considerations:
Total Development Cost Per Unit: $264,356
Underwritten Vacancy Rate: 6%
Underwritten OpEx Per Unit: $10,002
PAM OpEx Per Unit Range: $10,126-$11,692
Appraised Value: $64,000,000
LTV: 83%
Capture Rate: 1.7%
Penetration Rate: 36.7%
Financing:
Bond Issuance:
Type: Buyer:
Private Placement Citibank, N.A.
50% Test:
Tax Exempt Bond Amount Aggregate Basis/Bond Basis 50% Test
$53,216,000 $90,804,786 59%
Permanent Debt:
Debt Execution: Citibank, N.A.
Term Sheet: Underwritten:
Amount: $53,216,000
Interest Rate 4.50%
Amortization: 40
Term: 18
DSCR: 1.15x
LIHTC Equity - Alliant Capital Raise Rate: Total Amount:
Federal LIHTC Raise Rate: $0.85 $32,836,968
DC LIHTC Raise Rate: $0.70 $6,760,552
2
3
TRANSACTION SUMMARY:
The Multifamily Lending and Neighborhood Investments (MLNI) underwriting staff request the
inducement approval from the District of Columbia Housing Finance Agencys (DCHFA or the
Agency) Board of Directors (the Board) for the issuance of tax-exempt bonds in an amount not to
exceed $63,860,000 inclusive of an estimated $53,216,000 in long term tax exempt bonds to finance a
portion of the costs to rehabilitate 377 units at Congress Park Plaza I & II (the Development or the
Property). The Senior Mortgage Loan will be constrained to 90% stabilized Loan to Value (LTV) and
1.15x amortizing debt service coverage ratio (DSCR).
In February of 2021, the previous owners of the Property, Southeast Washington Development
Associates LP (Seller), executed a Purchase and Sales Agreement (PSA) with Standard Property
Company Inc., to sell Congress Park Plaza I & II, which triggered Tenant Opportunity to Purchase Act
(TOPA) requirements. Congress Park Plaza I, II Tenant Association (CPPTA), the Subject property's
tenant's association, exercised their TOPA rights to purchase the property. In October of 2021, Standard
Congress Park I Owner, LLC, and Standard Congress Park II Owner, LLC, affiliates of Standard Property
Company Inc., (the Owner and the Developer) and the Tenants Association entered into a
development agreement. DCHFA has reviewed the TOPA and development agreement. The tenant's
association transferred their TOPA rights to Standard Communities. The development agreement details
the planned purchase, rehabilitation of the property, and planned continued operations as affordable
housing. The Development was acquired for $45,450,000. The new owner and borrowing entity for the
proposed transaction is Standard Property Company Inc., dba Standard Congress Park Venture LP (the
Borrower or Sponsor). The site is designated a Qualified Census Tract (QCT) and is eligible for a 30%
LIHTC basis boost.
The unit mix in the Property is ten (10) one-bedroom units, one hundred and eighty-four (184) two-
bedroom units, one hundred and thirty-three (133) three-bedroom units, forty-seven (47) four-bedroom
units and three (3) five-bedroom units for a total of 377 units. The site consists of twenty-seven (27) two
and three-story garden-style buildings which will be restricted to residents earning 60% of Area Median
Income (AMI) or less. Additionally, all but one unit has an existing project based Section 8 subsidy. The
Section 8 Contract was originally issued in 1982 and most recently renewed in 2014 for a 20 year period.
It is worth noting that the Developer completing a mid-cycle renewal and Chapter 15 Mark-Up-To-
Market in conjunction with the LIHTC deal to support an increase in rents.
Congress Park I & II Apartments features 27 adjacent brick, two and three-story, walk-up buildings
fronting Savannah Street SE, Congress Street SE, 14th Street SE, Savannah Place SE, and 13th Place SE.
Most of the buildings are located along Savannah Street SE and Congress Street SE. There are several
surface parking lots provided onsite totaling 252 parking spaces. The Development, in Ward 8, is a
quarter of a mile from the Congress Heights Metro Station, half a mile from the St. Elizabeths Hospital,
and 0.4 miles away from Malcolm X Elementary School, located in census tract 73.04. The Development
has a Walk Score of 68 (Somewhat Walkable), a Transit Score of 70 (Excellent Transit), and a Bike
Score of 47 (Somewhat Bikeable).
Development amenities will include an onsite management/leasing office, a playground, picnic area,
basketball court, several laundry rooms, and a community building. The Sponsor offers social services to
all residents on site. Offerings include youth programs as well as adult programs ranging from job
readiness to social recreational activities. In-unit amenities will include vinyl plank flooring, granite
4
countertops, and upgraded fixtures. Appliances will be stainless steel and include a refrigerator,
range/oven, and microwave. Congress Park I and II currently has and will continue to have free surface
parking.
The capital stack for the Development will consist of permanent financing in the approximate amount of
$53,216,000 from Citibank, N.A., $32,836,968 in Federal Low Income Housing Tax Credit or LIHTC
Equity, $6,760,552 in D.C. LIHTC Equity, and a $6,848,805 Deferred Developer Fee. The total
development cost is $99,662,325 ($264,356/unit), inclusive of acquisition debt repayment, hard and soft
costs, developer and financing fees, reserves, and escrows. Standard Congress Park Venture LP, which
holds the acquisition entities Standard owner I and II, will be the owner and borrowing entity
(Borrower) in the transaction. The 0.01% managing member and the general partner is Standard
Congress Park Manager LLC which consists of Standard Mid-Atlantic LLC (49% member) and HOM
Congress Park Manager LLC (51% member), the managing member (Managing Member). HOM
Congress Park Manager is a subsidiary of Housing on Merit (HOM), a non-profit organization. Therefore,
the property will benefit from a real estate tax exempt associated with non-profit ownership. Standard
Property Company, Inc., aka Standard Communities, will be the guarantor of the Project. At closing,
Standard Congress Park Venture LP will admit a to be formed 99.99% tax credit investor member,
affiliates of Alliant Capital, Ltd. (Alliant), into the partnership to facilitate the LIHTC equity investment.
The remaining members of the development team consist of Whiting-Turner Contracting Company as
the General Contractor, The Architectural Team, Inc. as the Architect, and The Franklin Johnson Group
as the Property Manager.
STRENGTHS / RISKS (KEY MITIGANTS):
1. Reputational Risk: DCHFA will be providing $63.8 MM in tax-exempt volume cap to the
transaction and will be publicly associated with the Development.
o Reputational Risk Mitigant: The sponsor and development team