US$ 118M in financing was received for the construction of the Paxton housing development in Washington DC. Foulger-Pratt, a real estate development firm received the funding. Foulger-Pratt is distinguished by its long-term investment focus and extensive experience executing successful mixed-use, transit-oriented projects in the state.
The District of Columbia Housing Finance Agency’s contributions will aid in the creation of the 148-unit community. The construction site will be located just 2.5 miles from the heart of Washington, D.C. Particularly it is along the H Street Corridor.
The Paxton housing development in Washington DC is expected to be finished by 2025.
An insight into the project
After it is finished, The Paxton will offer 159,617 square feet of efficient one-, two-, and three-bedroom apartments. These apartments will be designated for those making 30% to 50% less than the median income in the neighborhood. A clubhouse, a fitness center, a business center, storage lockers, and concierge services will be available as community facilities.
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Moreover, residents will have access to Community of Hope’s functions for entrepreneurship development and community connection. They will also have resources for education, employment, and mentoring at their disposal. Moreover, the Paxton housing development in Washington DC is close to many of the neighborhood’s eateries and shops.
Paxton housing development in Washington DC to help reduce the housing deficit in the state
The nation as a whole is experiencing a lack of affordable housing. This is even made worse by numerous people losing their employment as a result of pandemic-era shutdowns and significant supply-demand disparities.
This situation is the backdrop for the funding and planning of The Paxton. According to information from the 2019 D.C. Housing Equity Report, D.C. is facing a deficit of 5,220 affordable apartments and plans to address this by building 12,000 units by 2025.
Terrace Manor, a 130-unit wholly affordable project, and Somerset Development Co. and Jonathan Rose Cosjoint’s refinancing of a 125-unit community under construction are two further affordable housing-related projects in the Washington, D.C., area.
