January 3, 2023
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 Board of Directors (the
“Board”) of the District of Columbia Housing Finance Agency (the “Agency”), you are hereby
notified that on November 29, 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
$35,640,000 for the construction and equipping of the Fort Totten Senior project (the
“Development”). The Development is expected to be located at 5543 South Dakota Avenue, NE
Washington, D.C. 20011, in Ward 4. After completion, the Development is expected to consist
of one (1) building, containing a total of approximately ninety-three (93) residential rental units.
A copy of the Eligibility Resolution for the DC Council’s review is enclosed as Exhibit A. A
detailed description of the Development and its intended benefits are provided in the
development financing memorandum enclosed as Exhibit B. If you have any questions, please
contact me at (202) 777-1600.
Sincerely,
Michael L. Hentrel
General Counsel
Enclosures
EXHIBIT A
 DCHFA Resolution No. 2022-36
Fort Totten Senior
Eligibility Resolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
RESOLUTION AS TO THE ELIGIBILITY OF FORT TOTTEN SENIOR FOR
TAX-EXEMPT AND/OR TAXABLE MULTIFAMILY HOUSING MORTGAGE
REVENUE BOND FINANCING
WHEREAS, the District of Columbia Housing Finance Agency (the
“Agency") received a request from FT Associates LLC (‘FT’) and Arlington
Partnership for Affordable Housing ("APAH’) (the “Applicants’) that the Agency
provide acquisition, construction and equipping financing for Fort Totten Senior,
which upon completion, is expected to consist of ninety-three (93) units and will be
located at 5543 South Dakota Avenue, N.E., Washington, DC 20011 in Ward 4
(the "Project’);
WHEREAS, the Applicants have 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 Applicants are eligible for Low Income Housing Tax Credits
pursuant to Section 42 of the Code, and have elected to set aside at least one
hundred percent (100%) of the units at the Project for households at or below sixty
percent (60%) of AMI;
WHEREAS, the Agency has conducted a 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 Applicants have requested financing in an amount not to
exceed $35,640,000 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, all or a portion of the 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 $35,640,000, in one or more series, for the benefit of the
Applicants or other related entity affiliated with or related to the Applicants 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 furtheranceof the
Purposes of the Act in the following manner:
1. Making available approximately ninety-three (93) units, one hundred
percent (100%) of which are estimated to be affordable to
households with incomes at or below sixty percent (60%) of AMI;
 2. Providing opportunities for construction jobs to District residents by
requiring that the Applicants and the Borrower give priority to District
residents; and
3. Contributing to the overall social and economic improvement of the
Fort Totten neighborhood.
| NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Agency (the “Board’) that
1. Based upon a 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 requirementsofeligibility for financing by
the Agency, the Project and its financing by the Agency will meet the
requirements of the Act
2. Final approval of any financing shall be subject to such terms,
conditions, and documentation acceptable or deemed necessary by the
Agency,
3. This reservation of volume cap in the amount of $35,640,000, to the
extent available to the Agency, is for a period of one hundred eighty
(180) calendar days, which period may be extended at the sole
discretionofthe Board.
4. 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. 2022-36
ADOPTED ON NOVEMBER 29, 2022
AT A SPECIAL MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Stephen M. Green APPROVED
Scottie Irving APPROVED
Stanley Jackson ABSENT
Heather Wellington APPROVED
Christophet E. Donald
Secretapy to the Board
EXHIBIT B
 MULTIFAMILY UNDERWRITING MEMORANDUM
INDUCEMENT BOND APPROVAL
FORT TOTTEN SENIOR (SENIOR 62+)
5543 SOUTH DAKOTA AVENUE NE
93 UNITS
DEVELOPER: ARLINGTON PARTNERSHIP FOR AFFORDABLE HOUSING, INC (APAH)
NEW CONSTRUCTION, NOT TO EXCEED $35,640,000
Maximum LTV: 85%, Minimum Debt Service: 1.15x, OR HIGHER, AS REQUIRED BY LENDER
Scott Hutter
DATE: November 29, 2022
2
 Multifamily Lending and Neighborhood Investments
Credit Approval Request
Overview:
Project Name: Fort Totten Senior
Project Address: 5543 South Dakota Avenue NE , Washington, DC, 20011
Ward: 4
Census Tract 0095.07
DDA/QCT? No
# of Units 93
Building Type: New Construction
Primary Developer: Arlington Partnership for Affordable Housing (APAH)
Tax Exempt Bond Issuance Amount: 26,491,811
AMI Restrictions: 30% AMI and 50% AMI
Applicable Subsidy: 39 Units with LRSP Subsidy
Development Team: Name:
General Contractor: Donohoe Construction Company
Property Manager: SL Nusbaum Realty Co.
Architect: Torti Gallas Urban, Inc.
Construction Lender: Truist
Permanent Lender: Grandbridge Real Estate Capital (Subsidiary of Truist)
Bond Counsel: TBD
Land Considerations:
Environmental Study:
Date Completed: RECS? Budgeted Expense:
8/29/2021 Adjacent to Former Gas Station (LUST) 50,000
Submarket:
Neighborhood: Fort Totten
Walk Score: 78
Transit Score: 80
Detrimental Influences: None
Real Estate Considerations:
Total Development Cost Per Unit: 621,591
Underwritten Vacancy Rate: 5%
Underwritten OpEx Per Unit: 8,144
PAM OpEx Per Unit Range: 7,591-7,830
Appraised Value: 9,400,000.00
LTV: 57%
Capture Rate: 19.90%
Penetration Rate: 28.30%
Financing:
Bond Issuance:
Type: Buyer:
Private Placement Truist
50% Test:
Tax Exempt Bond Amount Aggregate Basis/Bond Basis 50% Test
26,491,811 49,058,910 54%
Permanent Debt:
Debt Execution: Truist
Underwritten:
Amount: 5,404,000
Interest Rate 7.07%
Amortization: 35
Term: 18
DSCR: 1.30x
LIHTC Equity Raise Rate: Total Amount:
Federal LIHTC Raise Rate: 0.96 18,836,738
DC LIHTC Raise Rate: 0.70 3,434,124
3
TRANSACTION SUMMARY:
The Multifamily Lending and Neighborhood Investments (“MLNI”) underwriting staff requests the
inducement from the District of Columbia Housing Finance Agency’s (“DCHFA” or the “Agency”) Board of
Directors (the “Board”) for the issuance of tax-exempt bonds in an amount not to exceed $35,640,000
inclusive of the estimated $5,404,000 permanent loan to finance a portion of the costs to build 93 units
at Fort Totten Senior (the “Development” or the “Property”). The senior loan will be constrained to 85%
stabilized Loan to Value (LTV) and 1.15x amortizing debt service coverage ratio (DSCR).
This project is in the Riggs Park Place (formerly known as Fort Totten Phase I) master planned development
in Ward 4. The underlying land for this project was awarded through a Request for Proposal (RFP) by
DMPED and the Land Disposition and Development Agreement (LDDA) was awarded to FT Associates. FT
Associates is a joint venture between EYA, JBG Smith, and Paramount Development. It should be noted
that Paramount Development is the Certified Business Entity (CBE) for this LDDA. The principal of
Paramount Development is Benjamin Soto.
FT Associates acted as the land developers for the overall Riggs Park Place master plan. The master plan
site is an approximately 4.09-acre parcel in Washington, DC located in the eastern quadrant of the
intersection of South Dakota Ave NE, and Riggs Rd NE.
Phase I of Riggs Park Place is located immediately to the northeast of the Subject site. This project was
constructed by Fort Totten South LLC, which is an affiliate of EYA. Phase I features 90 new townhomes for
sale, five of which will be designated as affordable homeownership opportunities. The 90 townhomes are
modern, two, three, and four-bedroom floor plans.
This multifamily project is Phase II. This project is a joint venture between FT Associates LLC, which is an
affiliate of EYA, LLC (EYA), and the Arlington Partnership for Affordable Housing (APAH). The LDDA with
the District requires that the Subject site includes no less than 20,000 gross square feet of retail and at
least 30 homes affordable to seniors.
Site control for this project is established by a contribution agreement between FT Associates and APAH
Fort Totten LLC. The consideration for this contribution agreement will be a $2.5 million reimbursement
for site preparation costs from Fort Totten Limited Partnership (APAH) to FT Associates for site
preparation costs. The contribution agreement contractually authorizes a subsequent transfer to Fort
Totten Limited Partnership, which is the LIHTC partnership. The contribution agreement provides APAH
with site control and the transfer of the underlying land will occur at financial closing.
The unit mix of the Development will consist of 93 units including three efficiency units, 43 one-bedroom
units, and 47 two-bedroom units. All units will be set aside for seniors 62 and older. The project consists
of one four-story elevator building which will be restricted to residents earning 30% and 50% of Area
Median Income (“AMI”) or less. APAH is currently in negotiations with DMPED for an LDDA amendment
that will allow for the project to fulfill its retail requirement with approximately 18,880 square feet of
retail space. The interior retail footprint will be 9,550 square feet and the project’s outdoor patio retail
4
space will be approximately 9,330 square feet. It will be in a separate condo unit that is owned by a
separate entity from the residential space. The retail space will be funded from a conventional mortgage
(construction-to-perm) and an APAH Sponsor Loan.
The Development is a third of a mile from the Fort Totten Metro Station. It is in census tract 95.07 in Ward
4. The building will be three stories of wood-frame construction over a ground floor concrete podium with
an underground parking garage. The 93 senior (62+) units will include three studio units; 84 one-bedroom,
one-bathroom units; and six two-bedroom, one-bathroom units. In terms of accessibility, the building will
include four Visual/Hearing Impaired units, 10 UFAS units, and 30 ANSI Type A units. It should be noted
that 39 of the 52 units restricted at 30 percent will benefit from an LRSP subsidy. Ten one-bedroom units
benefiting from LRSP subsidy will be set-aside for Permanent Supportive Housing tenants.
In unit amenities will include will refrigerators, range/ovens, garbage disposals, dishwashers, microwaves,
in-unit washer and dryers, carpeting and vinyl flooring, blinds, walk-in closets, coat closets, and most units
will have a “Juliet” balcony or patio. All units will have free internet. Project amenities will include a
meeting room, exercise room, lounge/wellness suite, library, on-site residents service coordinator, on-
site management, and on-site maintenance. The basement parking garage will also contain 40 parking
spaces for residents and nine for the commercial space. Based on conversations with the developer, the
cold dark shell cost of the parking garage set aside for the commercial space will be included in eligible
basis because it is essential for the structural integrity of the building.
Residents will have access to a community room, on-site leasing and property management staff, on-site
resident services staff, a fitness room, wellness suite/lounge, library, and a landscaped patio including a
community garden for residents to use. The project will provide a service-rich environment through an
onsite bilingual (English & Spanish) resident services team that aims to support low-income-residents to
successfully age in place, maintain health and stability, and continue active engagement in the wider
community. The project includes solar panels on all available roof area as well as a green roof. The panels
will generate electricity to power the common areas of the building. The solar panels will be owned by
the same Limited Partnership as the residential building. The solar panel income will pay for an associated
loan used to finance the purchase and installation of the solar panels. This income will not be accounted
for in the sizing of the permanent loan.
Regarding the property’s security plan, there will be hardwired security cameras throughout the property
including the garage that can be monitored from the property management office as well as an armed
security guard that will patrol the property approximately eight hours a day.
The capital stack for the Development will consist of permanent financing in the approximate amount of
$5,404,000 as a Fannie Mae M.TEB loan originated by GrandBridge Real Estate Capital, $25,490,195 DHCD
HPTF loan, a $1,888,850 Sponsor Loan, $18,836,738 in Federal LIHTC Equity, $3,434,124 in DC LIHTC
Equity, $179,746 in SREC Debt, $949,302 in HPTF capitalized interest, a $75,000 Metropolitan Washington
Council