New construction of 47 housing units for senior for seniors in a four story building at 10th and Rhode Island, NE DC. Visionary Square is located two blocks from Dahlgreen Courts, one block from the Rhode Island Avenue Metro Station and with ample retail opportunities in close proximity.
Mission First and Henson Development worked in partnership with Israel Manor CDC, an outreach ministry of Israel Baptist Church. An allocation of $802,628 in 9% low income housing tax credits and $1,514,000 in HOME funds was been awarded to the project.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.