|The Pool-Bundle Project is the
District’s first noncontiguous tax credit/tax exempt project
developed by a non-profit organization under a demonstration sponsored
by the DC Housing Finance Agency.
DCCH formed a Limited Liability Corporation (LLC), as an investment
vehicle to secure Low-Income Housing Tax Credits, Tax-Exempt Bonds
and Community Development Block Grant loans for this complex financing
deal that will enable low and moderate-income residents in Columbia
Heights to own a rehabilitated multi-unit housing development.
This financing afforded DCCH the opportunity to simultaneously
leverage financing for multi-development of several projects. The
development includes properties located at 1474 Chapin Street,
NW and 1030-1034 Euclid Street, NW.
This model is a working example of how non-profits can structure
financing packages to maximize their impact and stay on the cutting
edge of economic development. At the end of the 15-year tax credit
period, the properties revert to the ownership of the resident
association as cooperatively owned housing.