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DCHFA partners with Jubilee Housing on its third affordable housing investment in September

by Janessa Lee

Ontario Place: Creating Affordable Housing in Adams Morgan

Washington, D.C., Sept. 27, 2023 – The District of Columbia Housing Finance Agency (DCHFA) continues to make strides in providing affordable housing options for its residents. On September 20, 2023, DCHFA announced its third affordable housing investment of the month with the issuance of $30.5 million in tax-exempt bonds and underwrote $20.1 million in federal Low Income Housing Tax Credit equity for the construction of Ontario Place in Adams Morgan.

Ontario Place, located at 2400 Ontario Road NW, is a $61.4 million development that aims to offer 52 units, with 26 of them specifically reserved for returning citizens. These returning citizens will be former residents of Jubilee’s KEB, an adjacent sister property, and participants of Jubilee’s existing Supportive Housing programs, or graduates of similar non-profit led reentry programs. This initiative not only provides housing for returning citizens but also offers long-term housing options for these individuals and their reunited families.

The new four-story building will consist of efficiency, one-, two-, and three-bedroom affordable housing units leased to tenants earning up to 50 percent of the area median income. Ontario Place is unique in that it will include the first residential aquaponics system in the District. This aquaponics system will produce fresh produce that will be offered to residents and used in the preparation of free daily meals for KEB residents.

Ontario Place is being developed in accordance with Jubilee’s Justice Housing model, which focuses on providing affordable housing in high opportunity neighborhoods with nearby services. The Justice Housing model has four key goals: Housing Stability, High Sense of Community, Financial Security (including Education as a pathway), and Improved Health Outcomes.

The financing for Ontario Place is a collaboration between DCHFA and the DC Department of Housing and Community Development. The DC Department of Housing and Community Development is providing a $23.8 million loan from the Housing Production Trust Fund towards the development. Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction, and permanent financing to support the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

Christopher E. Donald, Executive Director/CEO of DCHFA, expressed admiration for the work that Jubilee does, stating, “They transform what was once uninhabitable into fertile ground.” The development of Ontario Place not only provides much-needed affordable housing but also showcases the innovative use of aquaponics to promote sustainable and healthy living.

The District of Columbia Housing Finance Agency has been serving Washington, D.C.’s residents for over 40 years. The Agency’s mission is to advance the District of Columbia’s housing priorities by investing in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. The Agency operates with values such as leadership, excellence, community focus, integrity, collaboration, and innovation.

As DCHFA continues to make affordable housing a priority, developments like Ontario Place in Adams Morgan are crucial in providing stable and high-quality housing options for residents in need. The combination of affordable units and innovative features like the aquaponics system demonstrates the commitment to not only addressing the housing crisis but also fostering sustainable and inclusive communities.

Yolanda McCutchen
DC Housing Finance Agency

Attachment: [DC Housing Finance Agency Logo]

Source: GlobeNewswire

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