Fr ro ousna rnanoe aazwor
May 2, 2024
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
ofthe Boardof Directors (the “Board”)
ofthe District of Columbia Housing Finance Agency (the “Agency”), you are hereby notified that
on April 22, 2024, the Board enacted an Eligibility Resolution for tax-exempt and/or taxable
multifamily housing obligations financing in an amount not to exceed $401,060,000 for the
acquisition, rehabilitation, construction and/or equipping of the Agency’s 2024 multifamily
pipeline of projects (collectively the “Projects”).
A copyofthe Eligibility Resolution for the DC Couneil’s review is enclosed as Exhibit “A” which
includes a description of the Projects. If you have any questions, please contact me at (202) 777-
Michael L. Hentrel
General Counsel
815 Florida Avenue NW, Washington DC 20001-3017 ©eocura
vcswousine ewance acency
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DCHFA Resolution No. 2024-03
2024 Multifamily Pipeline
Eligibility Resolution
WHEREAS, the District of Columbia Housing Finance Agency (the "Agency")
received requests from multiple applicants (the "Applicants") that the Agency provide
acquisition, rehabilitation, construction and/or equipment financing for the projects in the
Agency's multifamily pipeline, descriptions of which are attached hereto as Exhibit A
(the "Projects";
WHEREAS, the Agency has conducted a preliminary review of the requests for
financingof the Projects in order to determine, among other things, that the Projects and
the financing requested therefor, comply with the requirementsoftheDistrict ofColumbia
Housing Finance Agency Act, D.C. Law 2-135, as amended, D.C. Code§ 42-2701.01 et
seq. (the "Act");
WHEREAS, each Applicant has requested financing inan amount notto exceed
the respective amounts set forth on Exhibit A hereto to be funded through tax-exempt
and/or taxable multifamily housing revenue bonds of the Agency (the "Bonds") for
acquisition, rehabilitation, construction and/or equipment financing, includingthe
financing of reasonably related and subordinate facilities and any permissible
reimbursement expenses ofthe Project;
WHEREAS, all or a portion of the Projects may be financed with proceeds of
the tax-exempt bonds of the Agency (the "Bonds”) for acquisition, rehabilitation,
construction and/or equipment financing, includingthefinancing of reasonably related
and subordinate facilities and any permissible reimbursement expenses ofeach Project;
WHEREAS, Agency staff recommends the issuance of the Bonds in an
aggregate amountnotto exceed $4011,080,000, in one ormore series, for the benefit of
each of the Applicants or other related entities affiliated with or related to each of the
Applicants thatwillownand operateeach Prag, and
WHEREAS, providingthefinancing requestedforthe Projects will confera 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’), allin accordance with and infurtherance of the purposes ofthe
Actinthe following manner:
1. Making available affordable housing units in the District of
2. Providing opportunities for construction jobs to Districtresidents by
requiring that theApplicant and the Borrower give priority to District
residents; and
3. Contributing to the overall social and economic improvement ofthe
District of Columbia.
NOW THEREFORE, BEIT RESOLVED by the Board of Directors ofthe Agency (the
1. Based upon review of the request by the Agency staff as it relates to
the Projects, 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 for financing
by the Agency, the Projects and their financing by the Agency will
meet the requirements of the Act.
2. Final approval of any financing for each Project 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 $401,060,000 to the
extent available to the Agency, shall expire on December 31, 2024,
which 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 any 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 selectionoftax 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 Projects 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. 2024-03
Stephen M. Green : APPROVED
Heather Wellington 2 APPROVED
Bryan “Scottie” Irving : ABSENT
Stanley Jackson ‘ APPROVED
Carri Robinson $ APPROVED
Secretary t
Deal Total Bonds| Units Address
Henson Ridge| 36,580,000 | 124 1804 Alabama Avenue SE, Washington, DC 20020
Belmont Crossing Phase i_| 71,845,000 | 224 4386 7th St SE Washington, DC 20032
Benning Road Metro
Affordable 43,735,000 | 109 | 4401-4435 Benning Road NE Washington, DC 20019
Flats at South Capitol 29,370,000 | 106 3838 South Capitol Street SE Washington, DC 20032
Parcel B-Buzzard's
Senior 32,295,000 | 110 100 Potomac Avenue SW Washington DC 20024
S Street Villages 37,535,000 | __90 614 S Street NW Washington, DC 20001
Harvard Ct Apartments | 38,695,000 | 108 1425 Harvard Street NW Washington, DC 20009
Wagner Senior 22,620,000 | 67 2419 25th Street SE, Washington, DC 20020
2911 Rhode Island Avenue | 35,275,000 | 101 | 2911 Rhode Island Avenue NE, Washington, DC 20018
Henson Ridge Il 53,110,000 | 178 18014 Shippen Lane SE, Washington, DC 20020
Total 401,060,000| 1,217
To: Christopher €. Donald, Executive Director& CEO
FROM: Scott Hutter, Director, Multifamily Lending and Neighborhood Investments
THROUGH: — Marcus Ervin, SVP, Multifamily Lending and Neighborhood Investments
DATE: April 24, 2024
SUBJECT: 2024 Master Eligibility Resolution to Expedite Project Underwriting
Background and Summary
On April 22, 2024, the DC Housing Finance Agency's (the “Agency” or “DCHFA”) Board of
Directors (the “Board”) approved a Master Eligibility Resolution of ten (10) multifamily
pipeline projects in preparation for the issuance of tax-exempt bonds (the “Master
Eligibility Resolution”). DCHFA receives approximately $350MM annually in qualified
private activity bond volume cap (“Bond Cap”) from the DC Department of Planning and
Economic Development (“DMPED”).
In March 2024, DCHFA, DMPED and DHCD executed a renewed and revised Memorandum
of Agreement which outlines how Bond Cap allocation for calendar year 2024 will occur
(the "MOA"). Normally, this MOA would be executed before the start of the subject
calendar year. However, due to transition within DMPED and other factors, the calendar
year 2024 MOA was not executed until late March 2024. Thus, Agency staff determined
that the Master Eligibility Resolution was necessary to ensure certainty of underwriting
and facilitate as many tax-exempt bond closings as possible by the end of calendar year
2024. The Agency plans to present each transaction individually to the Board for a credit
review whenthe transaction is ready to proceed toward final bond and closing. The credit
review will provide the Board with an opportunity to raise any project concerns and
questions that Agency staff will then incorporate into the underwriting process. Each
project will also return to the Board for
a Final Bond Resolution.
IL DC Council Passive Approval
The Board’s approval of the Master Eligibility Resolution allows the Agency to submit a
proposal to the DC Council for a 30-day legislative review period (See D.C. Code §42-
2702.07 (2006)) prior to the DC Council’s summer recess. Therefore, projects can
potentially close throughout the summer and early fall and assist with the Mayor's goal to
create 12,000 affordable housing units by 2025.
I Conclusion
The Board has approved the Master Eligibility Resolution, and the Agency will submit an
eligibility package to the DC Council. This will allow a passive approval timeline to
commence prior to the DC Council's summer recess period and allow transactions to close
throughout the year.
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