BisNow: NoMa’s ‘Flatiron’ Apartment Project Lands Construction Financing

A new article from BisNow reports on DC Green Bank’s financing to The NRP Group for a new sustainable affordable housing property at 301 Florida Ave NE. DC Green Bank’s funding will support the installation of a high-efficiency heating and cooling system, which will help the building meet Enterprise Green Communities Plus and the U.S. Department of Energy’s Zero Energy Ready Home certifications, two of the highest standards for sustainability in green building construction.

From the article:

The developers of 301 Florida Ave. NE, planned for a Flatiron Building-inspired design with 115 affordable housing units and ground-floor retail, have secured the financing needed to start construction.

A partnership between The NRP Group and Marshall Heights Community Development Organization closed on a financing package with funds from a series of sources, according to documents filed with the D.C. Recorder of Deeds and confirmed by an NRP spokesperson. 

DCHFA issued $47.6M in tax-exempt bonds, collateralized by Bank of America, and underwrote $32.3M in federal Low Income Housing Tax Credits. The project also received $33.1M from D.C.’s Housing Production Trust Fund, $6.5M in state LIHTC funds and another $3M from DC Green Bank.

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