The Michaels Organisation in partnership with Ainger Place Development Corp is developing 72-unit Ainger Place Apartments in the Randle Heights neighborhood of Washington, D.C. that will provide affordable housing to residents earning between 30% and 50% of the area median income.
About $10.1 million will be invested in low-income housing tax credit (LIHTC) equity in Ainger Place Apartments, the Riverside Capital announced. A vacant space will be filled and an existing building demolished for making the new three-story community apartments.
Featuring 34 single, 30 double, and eight three-bedroom apartments, the housing units will be affordable for households earning area median income. The D.C. Housing Authority will provide subsidy to 18 units (30 percent) under 15-year Local Rent Supplement Program. Women who are in need of permanent supportive housing (PSH) will be provided one-bedroom units which will be reserved for them, according to the officials.
The Michaels Organization will develop and manage the property in conjunction with Ainger Place Development Corp., a nonprofit founded by Emmanuel Baptist Church.
“Ainger Place Apartments will be an example of how Michaels creates communities that lift lives through partnering with community pillars such as Emmanuel Baptist Church and Ainger Place Development Corp.,” said Chris Earley, vice president of development at Michaels.
Earley said after completion, 72 affordable and newly built residences will be provided to underserved neighborhood faced with rising housing costs. “Emmanuel Baptist Church had the vision for what will be the new Ainger Place Apartments, and in working with the church and the full development team, [we] are looking forward to bringing these 72 units of affordable housing to the neighborhood,” said Earley.
A full-service tax credit investment company, Riverside Capital helped finance and syndicate over 7,500 affordable apartment homes across the country.