April 24, 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 April 11, 2023 the Board enacted an Eligibility Resolution for tax-exempt and/or taxable
multifamily housing mortgage revenue bond financing in an amount not to exceed $42,340,000
for the new construction and equipping of the Lisner Senior Independent project (the
“Development”). The Development is expected to be located at 5425 Western Avenue NW,
Washington, D.C. 20015 in Ward 3. 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. 2023-07
Lisner Senior Independent
Eligibility Resolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
RESOLUTION AS TO THE ELIGIBILITY OF LISNER SENIOR INDEPENDENT
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 Urban Atlantic Development LLC and Lisner-
Louise-Dickerson-Hurt Home (the “Applicants") that the Agency provide
acquisition, construction and equipping financing for Lisner Senior Independent,
which upon completion, is expected to consist of one (1) building containing
approximately ninety-three (93) residential units financed with multifamily housing
mortgage revenue bonds and is expected to be located at 5425 Western Avenue
NW, Washington, DC 20015 in Ward 3 (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 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 Applicants have requested financing in an amount not to
exceed $42,340,000 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 $42,340,000, 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 furtherance of the
purposes of the Act in the following manner:
 4. 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
Friendship Heights 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 DirectorCEO, and upon due
deliberation and consultation with Agency staff, the Board hereby
determines that, based on the requirements of eligibility 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 $42,340,000, 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
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. 2023-07
ADOPTED ON APRIL 11, 2023
AT A MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Stephen M. Green RECUSED
Scottie Irving : APPROVED
Stanley Jackson; APPROVED
Heather Wellington : APPROVED
EXHIBIT B
 MULTIFAMILY UNDERWRITING MEMORANDUM
INDUCEMENT APPROVAL
LISNER SENIOR INDEPENDENT
5425 WESTERN AVENUE NW, WASHINGTON, DC 20015
93 UNITS (62+SENIORS AND 62+PERMANENT SUPPORTIVE HOUSING)
DEVELOPERS:
Urban Atlantic Development LLC
Lisner-Lousie-Dickson-Hurt Home
PRIVATE PLACEMENT, NOT TO EXCEED $42,340,000
Maximum LTV: 85%, Minimum Debt Service: 1.15, OR HIGHER, AS REQUIRED BY LENDER
SOLOMON HUGHES
DATE: APRIL 11, 2023
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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 $42,340,000
inclusive of the estimated $10,792,117 permanent loan to finance the new construction of Lisner Senior
Independent (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).
On July 19, 1939, the Chevy Chase Land Company of Montgomery County, Maryland sold 7.5-acres of land
to The Abraham and Laura Lisner Home for Aged Women. The Abraham and Laura Lisner Home for Aged
Women (otherwise known as the Lisner-Louise-Dickson-Hurt Home) was incorporated under the laws of
the District of Columbia in 1939 and opened its doors in 1941. Presently, the Lisner-Louise-Dickson-Hurt
Home operates as a 501(c)(3) not-for-profit public charity.
As a public charity, the Lisner-Louise-Dickson-Hurt Home mission is to provide extraordinary health and
life care services to low and modest-income seniors of the District of Columbia, empowering them to live
their lives to the fullest. To carry out its mission, the Lisner-Louise-Dickson-Hurt Home provides assisted
living to nursing care services to low and modest-income seniors and is licensed to serve up to 116
residents. Accordingly, Lisner-Louise-Dickson-Hurt Home has been engaged in the strategic planning and
redesigning of its 7.5-acre campus to develop new affordable housing and care options for aging residents
of D.C.
Lisner-Louise-Dickson-Hurt Home will subdivide an adjacent lot at 5425 Western Avenue, NW,
Washington, DC to construct Lisner Senior Independent. The current 5425 Western Avenue, NW,
Washington, DC site is used as a parking lot for customers seeking services at the Lisner-Louise-Dickson-
Hurt Home. Moreover, Lisner-Louise-Dickson-Hurt Home owns the 5425 Western Avenue, NW,
Washington, DC site free and clear.
According to the Novogradac & Company LLP, appraisal report, the “As-Is” fee simple land value of 5425
Western Avenue NW, Washington, DC 20015 is determined to be valued for $15.2 million as of December
2, 2021. The $15.2 million land value will be the acquisition price for 5425 Western Avenue, NW,
Washington, DC. As such, Lisner-Louise-Dickson-Hurt Home will enter into a 99-year ground lease for the
land with its affiliated entity Lisner Senior Independent Owner, LP for a capitalized up-front payment of
$15.2 million.
Lisner Senior Independent Owner, LP is a newly formed joint-venture partnership entity between Urban
Atlantic Development, LLC, and Lisner-Louise-Dickson-Hurt Home. Accordingly, Lisner-Louise-Dickson-
Hurt Home will provide a seller note of $5,070,000, with an interest rate of 3% to help finance the
Development. The seller note will be subordinate to other financing sources. Lisner Senior Independent
Owner, LP will be the borrowing entity (“Borrower”) for the Development.
The Development will consist of 93 affordable age-restricted housing units for seniors at or older than the
age of 62; however, the Development is not an affordable assisted living facility. The 93 affordable age-
restricted housing units will be in one mid-rise elevator serviced, first story concrete with three stories of
light wood frame above for a total four-story building. The unit mix of the Development will consist of
ninety-three (93) one-bedroom units.
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The ninety-three (93) one-bedroom unit sizes will average 623 square feet. The Area Median Income (AMI)
restrictions at the Development will include fifty-two (52) units at 30% AMI, and forty-one (41) units at
50% AMI. However, only 19 of the 52 units at 30% AMI will be Permanent Supportive Housing (PSH) units
that operate with Local Rent Supplement Program (LRSP) contract subsidies from the District of Columbia
Housing Authority (DCHA).
Conversely, 17 of the 52 units at 30% AMI will operate solely with LRSP contract subsidies from DCHA. The
remaining 16 units at 30% AMI will operate without LRSP contract subsides. Likewise, the 16 units at 30%
AMI will not be designated PSH units either. Additionally, the developers have included a 30% AMI reserve
amount of $1,600,000 in their budget for the 16 units that will operate without LRSP.
The reserve will be drawn for delinquency, vacancy, or loss of lease for anyone of the 16 units at 30% AMI,
which will operate without LRSP subsidy. This reserve is in place due to concerns from the borrower
regarding limited marketability among age-restricted residents that live on Social Security or other forms
of fixed income.
The Development will also be designed to meet the standards of Housing for Seniors and People with
Disabilities by making all units meet the American National Standards Institute (ANSI) Type A accessibility
standards. Approximately, 5% of the dwelling units will comply with Uniform Accessibility Standards
(UFAS) for age-restricted residents with mobility impairments. Another 2% of dwelling units will comply
with UFAS standards for age-restricted residents with audio-visual impairments (AVI).
Also, the Development will be designed to meet Universal Design Standards. Universal Design Standards
create features that serve the needs of all people regardless of ability and an aging population while
providing an environment that is easy to market and easy to use.
Furthermore, the Development will be located in the Friendship Heights neighborhood of Northwest,
Washington D.C. Age-restricted residents at the Development will have access to many amenities in the
Friendship Heights neighborhood which include proximity to public transportation, grocery stores, and
pharmacies. Public transportation options include public transit, bus, and a major thoroughfare along
Wisconsin Avenue.
The Friendship Heights Metro Station is a five-minute walk (0.2 miles) from the Development. Also, the
Development is adjacent to the Western Avenue NW & Livingston Street NW bus stop. In addition, age-
restricted residents at the Development can walk to retail stores and other amenities. There is a Whole
Foods Market and CVS Pharmacy in less than a seven-minute walk (0.5 miles) from the Development.
According to Walk Score, the Development is also designated as a Walker’s Paradise with a score of 90.
The in-unit amenities at the Development will include vinyl imitation wood-flooring, dishwashers, garbage
disposals, microwaves, ovens, refrigerators, washer and dryers, and central air conditioning. The
Development will also feature on-site community amenities for the age-restricted residents. Community
amenities will include a great room with television for entertainment and activities, a lounge and solarium
with views to the interior courtyard, a hobby and game room, a computer center, a fitness center, salon
space, and a lounge area by elevators on each floor.
Additionally, the Development will have office space on-site for a property management office and a case
management office for Permanent Supportive Housing case managers. The Development will also include
58 below-grade parking spaces and 27 surface parking spaces for a total of 85 parking spaces. The 85
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parking spaces are for tenants only. The parking will be available for tenants on a first come and first serve
basis.
The 85-parking space will far exceed the RA-2 (Residential Apartment 2) zoning requirements for a publicly
assisted age-restricted affordable housing property, which requires one parking space per six units for a
parking ratio of 0.1667. Additionally, age-restricted residents onsite will have access to a full-time
property manager, a full-time maintenance technician, and two part-time leasing staff. There will also be
three permanent supportive housing case workers on site and two part-time front desk receptionists in
the permanent supportive office located onsite.
Additionally, the Development will also include security features for age-restricted residents. Security
features at the Development will include controlled building access systems, CCTV security monitoring
systems, occupancy detectors, and time electronic locks for spaces like communal facilities. Energy-
efficient lighting will be installed along the Development’s façade and at the entrance to showcase
architectural elements and to provide lighting for walkways. The lights will also be positioned in a way
that does not adversely impact neighbors.
The capital stack for the Development will consist of permanent financing in the approximate amount of
$10,792,117 as a private placement First Mortgage Loan, a $33,116,563 DHCD HPTF loan, a $1,400,000
DHCD Accrued Interest Loan, a $5,070,000 Seller Note, $20,057,676 in Low Income Housing Tax Credit, or
“LIHTC” Equity, $3,815,700 in DC LIHTC Equity, and a $2,404,079 Deferred Developer Fee. The total
development cost is $76,656,136 ($824,260/unit), inclusive of hard and soft costs, developer and
financing fees, reserves and escrows.
As mentioned before, Lisner Senior Independent Owner, LP will be the owner and borrowing entity
(“Borrower”) for the transaction. Lisner Senior Independent GP Member, LLC is the general partner, which
will be controlled by managing members Lisner Building IV Member, LLC and UAD Lisner Senior
Independent, LLC. Lisner Building IV Member, LLC will have majority ownership interest in Lisner Senior
Independent GP Member, LLC with a 51% ownership interest. Lisner Building IV, LLC will be owned by the
not-for-profit, Lisner-Louise-Dickson-Hurt Home (otherwise known as the Lisner Home, Inc.), which results
in a real estate tax exemption for the Development.
Moreover, UAD Lisner Senior Independent, LLC will have 49% ownership interest in Lisner Senior
Independent GP Member, LLC. UAD Lisner Senior Independent, LLC is a wholly owned entity of Urban
Atlantic Development, LLC. As such, UAD Lisner Senior Independent, LLC will serve as co-managing
member and administrative member of Lisner Senior Independent GP Member, LLC. Further details will
be provided on UAD Lisner Senior Independent, LLC’s administrative duties when the Executed Operating
Agreement is provided to DCHFA for review. In addition, Urban Atlantic Development, LLC will be the
guarantor of the Development.
At closing, Lisner Senior Independent Owner, LP will admit Boston Financial (otherwise known as BFIM)
into the partnership as the tax credit investor to facilitate the tax credit equity investment. Boston
Financial will have a 99.99% ownership interest in Lisner Senior Independent Owner, LP. The remaining
members of the development team consist of Bozzuto Contracting Company, LLC as General Contractor,
Wieneck + Associates Architects+ Planners, Inc., as Architect, and WinnResidential as Property Manager.
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STRENGTHS / RISKS (KEY MITIGANTS):
1. Interest Rate Risk: The Senior Loan interest rate will not be locked until closing. As a result,
changes in market conditions may negatively impact the Senior Loan interest rate and sizing of
the permanent loan debt.
o Interest Rate Risk Mitigant: DCHFA has underwritten the transaction with an “all-in”
interest rate of 6.65%, which is indicative of current market conditions. The noted “all-in”
interest rate of 6.65% includes 40-basis points for the DCHFA issuer fee and a 75-basis
point buffer for interest rate contingency, which DCHFA believes is reasonable. DCHFA
will require executed financing commitments for all Development sources, including the
Senior Loan by final bond approval and closing.
2. Reputational Risk: DCHFA will be providing $38,490,000 in tax-exempt volume cap to