DCHFA offers resources to Distressed Affordable Housing Providers

/EIN News/ -- Washington, D.C., Dec. 12, 2024 (GLOBE NEWSWIRE) -- On December 10, 2024 the District of Columbia Housing Finance Agency (DCHFA)  launched the Portfolio Stabilization Grant (PSG) program to provide affordable housing providers with access to capital to help relieve the burden caused by rental delinquencies. “DCHFA consistently monitors the health of its portfolio, and we are aware that a number of affordable housing communities are facing financial distress. Through the Portfolio Stabilization Grant, we are providing a resource to help providers stabilize and alleviate operational stress,” stated Christopher E. Donald, DCHFA’s Executive Director and CEO. 

The Portfolio Stabilization Grant is a one-time recoverable grant administered by DCHFA. The grant is available to properties financed through programs such as the Housing Production Trust Fund (HPTF), Low Income Housing Tax Credit (LIHTC), HOME Investment Partnerships Program, or Community Development Block Grant (CDBG). Priority will be given to DCHFA’s most vulnerable properties and those with 4 percent LIHTC financing. Properties must be in compliance with DCHFA’s post-closing requirements. Ineligible properties include those in bankruptcy, receivership, or foreclosure, and those with unresolved housing code violations.

The application for PSG opened on December 10, 2024, and will close on December 27, 2024. Housing providers must submit a range of financial and legal documentation to apply. Complete program requirements and the PSG application are available on DCHFA’s website. Questions about the program should be submitted to PSG@DCHFA.ORG.

PSG funds must be used to stabilize operations and for capital expenditures. Housing providers must actively pursue rent collections, enforce leases, and take action on eviction proceedings for delinquent tenants. Compliance with DCHFA’s reporting and inspection requirements is essential, and records must be maintained for five years.

The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for 45 years. The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration*Innovation

Yolanda McCutchen
                    DC Housing Finance Agency 
                    202-777-1650
                    ymccutchen@dchfa.org
                    
                    Keme Arigbe
                    DC Housing Finance Agency 
                    202-486-6421
                    karigbe@dchfa.org