District of Columbia Housing Finance Agency

In This Issue:

Message From The Executive Director »

DCHFA Awarded $193 Million Under Obama Administrationís New Initiative For State And Local Housing Finance Agencies »

The Community Celebrates the Dedication of Capitol Quarter »

The Compliance and Asset Management Group Hosts its Fall 2009 Conference »

The Overlook at Oxon Run »

DCHFA Executive Director Offers Strategy to DC Building Industry Association's Housing Subcommittee »

Thousands Attend City-wide Homeownership Expo and Foreclosure Clinic »

Employee Spotlight »

Board Of Directors:

Michael L. Wheet
Chairman

Jacque D. Patterson
Vice Chairman

Buwa Binitie

Derek Ford

Executive Director:

Harry D. Sewell

Highlights:

"We celebrate the dream of homeownership, realized in this community for the first time by people with a wide array of incomes and backgrounds, and, most important, we celebrate that in addition to providing safe, decent and sanitary housing for all its residents, Capitol Quarter is a community where people from all walks of life live together as neighbors."

After his presentation, it was clear why Lynch describes one of JLDP's core integrities as "re-imagining urban markets".

For information regarding leasing one of these affordable units, contact the leasing office on 202-373-1900.

In addition to the city-wide joint venture approach to this year's homeownership month, the Expo also added a very timely and sorely needed Foreclosure Clinic.

Whenever there is a need for special duty, Lillian Johnson and Robin Moore, are always willing to help.

District of Columbia
Housing Finance Agency
815 Florida Avenue, NW
Washington, DC 20001

Phone: 202-777-1600
Fax: 202-986-6734
Website: www.dchfa.org

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Message From The Executive Director

Since its founding thirty years ago the Housing Finance Agency has worked hard at fulfilling its mission, producing over 33,000 units of affordable housing for residents of the District of Columbia. Over the past three years in particular, we have been focused on improving the operational efficiency and effectiveness of the organization to better serve our role as the District's affordable housing development bank.

We are pleased to announce that our efforts have recently been recognized by Standard & Poor's rating agency in the form of an upgrade to our Issuer Credit Rating to A-. This accomplishment is made more significant in light of the current economic climate where so many firms in the financial industry have been downgraded.

We thank you, our partners, for your continued support and we look forward to being better able to assist you as we jointly seek to serve residents of the District who need decent, safe and affordable housing.

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DCHFA Awarded $193 Million Under Obama Administrationís New Initiative For State And Local Housing Finance Agencies

On November 13, 2009 the District of Columbia Housing Finance Agency (DCHFA) was awarded $193,000,000 under the Obama Administrationís recently implemented initiative for state and local housing finance agencies (HFAs). The goal of the program is to continue to stabilize the U.S. housing market through the provision of market liquidity to the HFAs.

The program is comprised of two key parts: the New Issue Bond Program (NIBP); and the Temporary Credit and Liquidity Program (TCLP). According to a press release jointly issued on October 19th by the U.S. Department of the Treasury (Treasury), the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA), "the NIBP will provide temporary financing for HFAs to issue new mortgage revenue bonds." The statement further indicated, "Fannie Mae and Freddie Mac will provide replacement credit and liquidity facilities available to HFAs that will help reduce the costs of maintaining existing financing for the HFAs...Treasury will backstop the GSE replacement credit and liquidity facilities for the HFAs by purchasing an interest in them using HERA authority."

The District of Columbia Housing Finance Agencyís entire award will be allocated through the New Issue Bond Program. The Agency will use $25 million to replenish its Single Family Affordable Mortgage program and $168 million to advance several multifamily rental projects recently stalled as a result of the restricted capital markets.

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The Community Celebrates the Dedication of Capitol Quarter

On August 25th, the DC Housing Finance Agency joined the DC Housing Authority and EYA, the award-winning developer of Capitol Quarter, for its ribbon-cutting ceremony. Capitol Quarter, the townhomes portion of this overall HOPE VI redevelopment project, will include 39 affordable townhome rental units scattered among 121 market rate and workforce rate for-sale townhouses newly built in the city's new Capitol Riverfront community. The new community is fast becoming one of the most desired neighborhoods in the city. The Capitol Riverfront community already has a brand new National League Baseball stadium, a brand new pier with ferry service to other parts of the region, green space for recreational activities and waterways. And there is more to come!

Capitol Quarter is just one part of the HOPE VI redevelopment of Arthur Capper/Carrollsburg (ACC), a 23-acre former public housing complex. Arthur Capper/ Carrollsburg consisted of 707 units of public housing and for the first time since the HOPE VI program's inception to date, each one of the units will be replaced. These public housing units will be placed alongside 900 new market rate rental and homeownership units. During his remarks, EYA Senior Vice President, Brian "AJ" Jackson spoke about the neighborhood's diversity. "We celebrate the dream of homeownership, realized in this community for the first time by people with a wide array of incomes and backgrounds, and, most important, we celebrate that in addition to providing safe, decent and sanitary housing for all its residents, Capitol Quarter is a community where people from all walks of life live together as neighbors."

DCHFA issued $5.1 million in tax-exempt bonds and leveraged project equity through the syndication of $4 million in low income housing tax credits (LIHTCs) for the construction of this portion of the transit oriented development project. The $34 million HOPE VI grant awarded to the ACC redevelopment project, once completed, will have leveraged approximately $700 million for the development of over 1,600 newly built market rate townhomes, affordable workforce homes and public rental apartments Ė all situated within walking distance of a metro station and a riverfront.

For information regarding the application process for any of the workforce rate, for-sale units, contact Alice Revel at the District of Columbia Housing Authority. She can be reached on 202-535-2808 or at arevel@dchousing.org.

Brian "AJ" Jackson, S.V.P. Land Acquisition and Development, EYA offers remarks.

Mayor Adrian M. Fenty (far left) and the former Executive Director of the DC Housing Authority, Michael P. Kelly (far right), view a scale model of the finished community.

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The Compliance and Asset Management Group Hosts its Fall 2009 Conference

On October 15th, the Agency's Compliance and Asset Management Group hosted its fall 2009 conference. The conference entitled Effective Strategies for Managing Urban Properties covered topics ranging from Strategies for Lease Enforcement to Strategies to Prepare for the Annual Physical Inspection. Speakers represented government agencies such as the U.S. Department of Justice and the D.C. Department of Housing and Community Development and companies including the Jair Lynch Development Partners (JLDP), Hunter Homes, LLC and Housing Opportunities Commission of Montgomery County, Maryland (HOC).

Jair Lynch, JLDP President and CEO, led a lively discussion on the changing demographics and new marketing methods for attracting audiences eligible for and/or seeking access to the affordable rental market. After his presentation, it was clear why Lynch describes one of JLDP's core integrities as "re-imagining urban markets".

The program was rounded out with a Low Income Housing Tax Credit (LIHTC) Policies' Update and an awards presentation to DCHFA portfolio properties that attained an "A" rating during their performance assessments.

Jair Lynch, JLDP President & CEO, discusses strategies for marketing urban properties.

Reginald Hunter of Hunter Homes, LLC shares REAC protocols with the audience during the Preparing for Annual Physical Inspections presentation.

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The Overlook at Oxon Run

"The New and Proud Ward 8" is what Councilmember Marion Barry called the part of the city that recently christened the Overlook at Oxon Run, a newly renovated, 316 unit apartment tower formerly known as Parkside Terrace. This beautifully appointed multi-family building targets a mixed-tenant population of families and seniors and sits on a hill that immediately captures and holds ones view as you drive along Wheeler Road in the Washington Highlands neighborhood of Southeast Washington. The District of Columbia Housing Finance Agency (DCHFA) provided $64 million through the issuance of tax exempt bonds and the syndication of low income housing tax credits for the acquisition and gut rehabilitation of this property.

This apartment rental community offers one and two bedroom floor plans; some with spectacular views of the city, all with exceptional features and first class amenities. The Overlook includes brand new interiors, onsite laundry facilities (select floor plans with in-unit washer/dryers), a fitness center, free high-speed internet access, and much, much more!

For information regarding leasing one of these affordable units, contact the leasing office on 202-373-1900.

The Overlook at Oxon Run

With a flat screen and comfortable seating, each floor of the building offers a common space for residents to intermingle.

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DCHFA Executive Director Offers Strategy to DC Building Industry Association's Housing Subcommittee

On October 16th, Harry D. Sewell, Executive Director of the District of Columbia Housing Finance Agency, spoke before the DC Building Industry Associationís Housing Subcommittee offering strategies to finance market rate and affordable housing in the District of Columbia under todayís economic climate.

In addition to an Agency overview and how to access its capital, Sewellís presentation included data that shows how DC remains a preferred market relative to other parts of the country. Specifically, he noted that area incomes increased in 2008, that DC is the fifth largest metro economy in the country, and that DC is among the targeted metro areas for Citiís $1 billion investment for debt and equity. Rounding out the presentation were project summaries along with pictorials of several recently completed developments.

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Thousands Attend City-wide Homeownership Expo and Foreclosure Clinic

On June 20th, over two thousand area residents came out for the first ever jointly sponsored, city-wide DC Homeownership Expo and Foreclosure Clinic. The Expo was spearheaded by the DC Department of Housing and Community Development (DHCD) and supported by the DC Housing Finance Agency (DCHFA), the Greater Washington Urban League, the DC Housing Authority and other District agencies.

The Expo was organized into four educational tracks of basic but useful information. The tracks covered topics surrounding home purchasing, home improvements, foreclosure prevention and a Kids and Cash Academy that focused on educating youth, young adults and parents in the areas of credit and debt management.

DC City Council Chairman Vincent Gray joins Leila Edmonds, Director of the DC Department of Housing and Community Development in support of the Expo.

Ward 4 City Councilwoman, Muriel Bowser moderates a panel discussing ways to battle neighborhood blight.

In addition to the city-wide joint venture approach to this year's homeownership month, the Expo also added a very timely and sorely needed Foreclosure Clinic. The Clinic offered on-site, direct customer assistance from five area banks for their respective clients facing the threat of foreclosure. The clinic serviced hundreds of people that day who were dealing with the emotional and financial stresses that accompany the threat of losing ones home. One gentleman said he drove nine hours from West Virginia for the chance to speak with his lender face to face.

In addition to the thousands of residents, also in attendance were both the Chairman of the DC City Council, Vincent C. Gray, Sr. and Ward 4 Councilmember, Muriel Bowser who moderated a panel entitled Battling Blight: Best Practices from District Neighborhoods. Overall, the DC Homeownership Expo and Foreclosure Clinic was very well attended and well received with many expressing a desire to see more in the future.

Click here for recently released information published by the Urban Institute regarding foreclosure statistics and/or foreclosure assistance in the greater Washington region.

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Employee Spotlight

Lillian Johnson and Robin Moore, Volunteers Extraordinaire!

Robin Moore and Lillian Johnson assist with registration during the 30th Anniversary Breakfast Symposium.

The DC Housing Finance Agency salutes two of its own employees who are tireless in their service above and beyond to the agency. Whenever there is a need for special duty, Lillian Johnson and Robin Moore, are always willing to help. That was definitely the case when the Agency needed volunteers to help with the DC Homeownership Expo and Foreclosure Clinic. Johnson and Moore were quick to step up. And as if it wasn't enough that they volunteered, when they showed up, Johnson and Moore were placed at the two busiest, most in demand and oversubscribed workshops of the entire conference, Homeownership 101: The Basics of Searching, Borrowing and Owning; and The Nuts and Bolts of the HPAP and DC Bond Programs both of which they managed flawlessly. From setting up the rooms, to registering the attendees, to managing the discontent of those individuals upset when they were denied access due to overcrowding Johnson and Moore were invaluable.

Then one week later, when the need arose once again for volunteers to manage the registration table for the Agency's 30th Anniversary Breakfast Symposium it was Johnson and Moore who once again, stepped to the plate.

Our hats are off to Lillian Johnson and Robin Moore - DCHFA's very own volunteers extraordinaire!

Lillian and Robin worked diligently during the June Homeownership Expo and Foreclosure Clinic

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Mission Statement: The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. We accomplish our mission by issuing mortgage revenue bonds that lower the homebuyers' costs of purchasing homes and the developers' costs of acquiring, constructing and rehabilitating rental housing. We embrace our responsibility with conviction and pledge our best efforts to serve as the city's champion for homeowners and renters and to act as the city's principal catalyst for neighborhood investment.

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