Skyland, Washington, D.C. (Ward 8), September 4, 2025
News Summary
The District of Columbia Housing Finance Agency has provided major financing to enable construction of Wagner Senior Residences, a five‑story, 67‑unit affordable senior housing building at 2419 25th Street SE in Skyland. The financing package includes $22.6 million in tax‑exempt bonds, Federal and D.C. LIHTC equity, and an $18.9 million Housing Production Trust Fund loan. An FHA 221(d)(4) construction‑to‑permanent structure lowers capital costs. Developed by Justice Housing and The Miller Group with EquityPlus, the project targets households at 30%–80% AMI and includes 13 PSH units and on‑site amenities like a fitness center and terraces.
District agency backs new 67‑unit senior affordable housing project in Skyland with $22.6M in tax‑exempt bonds
A new affordable senior housing building, Wagner Senior Residences, cleared a major financing hurdle late August 2025 when the District of Columbia Housing Finance Agency provided a package that includes $22.6 million in tax‑exempt bonds and substantial tax credit equity. The development will bring a five‑story, 67‑unit apartment building to 2419 25th Street SE in the Skyland neighborhood of Ward 8.
Key financing and cost
The agency underwrote $17.2 million in Federal Low‑Income Housing Tax Credit equity and $3.6 million in District tax credit equity as part of the financing announced Aug. 26, 2025. In addition, the D.C. Department of Housing and Community Development provided an $18.9 million loan from its Housing Production Trust Fund. Reported total development cost for the project is $47.6 million.
Project profile
The building will contain 67 apartments: 6 studio units, 58 one‑bedroom units and 3 two‑bedroom units. Units are set aside for households earning between 30% and 80% of Area Median Income (AMI). Thirteen units will be part of a Permanent Supportive Housing program offering services for eligible residents.
Amenities and design
Common‑area amenities will include a fitness center, indoor and outdoor resident lounges and an outdoor terrace. The design calls for a five‑story structure sited on a parcel that stood vacant for many years before the project moved forward.
Developers and partners
Justice Housing and The Miller Group are the project developers. Financial partner and development consultant is EquityPlus, led on the project by managing director Avram Fechter. The sponsor team worked with the housing finance agency to underwrite an FHA‑insured construction‑to‑permanent 221(d)(4) loan to secure lower‑cost long‑term financing during construction.
Why this financing mattered
The site was rezoned in 2020, but rising interest rates in 2022 threatened the feasibility of the proposed affordable housing. Project leaders and the financing team concluded that, under current market interest rates and capital costs, the development might not be feasible without the mix of tax‑exempt bonds, tax credit equity and public loan support now assembled. The layered financing and FHA instrument were used to reduce carrying costs and preserve affordability.
Agency role and context
The District of Columbia Housing Finance Agency issues tax‑exempt mortgage revenue bonds and provides low‑cost predevelopment, construction and permanent financing to both for‑profit and non‑profit developers to support affordable rental housing. The agency emphasized the importance of these tools in preserving project feasibility. The agency is an S&P AA‑rated issuer and has served D.C. residents for more than 45 years.
Comparative activity in 2025
This financing package for Wagner Senior Residences is smaller than several other multifamily packages the agency supported earlier in 2025. Earlier in the year the agency backed larger projects with packages in the nine‑figure and high tens‑of‑millions ranges, including development loans and Housing Production Trust Fund support for other multifamily projects across the city.
Market and neighborhood outlook
Observers note that the city’s multifamily market has steady rent and job growth and a growing pipeline of conversions from office to residential use. Project partners said the neighborhood has changed considerably over the past decade and that new housing for older residents will link them to improving local amenities.
Timing and next steps
With financing in place as of late August 2025 and public loan support confirmed, developers plan to move forward with construction. The layered structure — tax‑exempt bonds, Federal and District LIHTC equity, a Housing Production Trust Fund loan and an FHA 221(d)(4) construction‑to‑permanent loan — is intended to keep rents affordable for the targeted income bands while securing permanent financing after construction is complete.
Why it matters
The project targets seniors on limited incomes in Ward 8 and adds Permanent Supportive Housing capacity for vulnerable households. The mix of financing demonstrates a public‑sector role in making affordable development feasible in a period of higher capital costs.
Frequently Asked Questions
What is Wagner Senior Residences?
Wagner Senior Residences is a planned five‑story affordable senior housing building at 2419 25th Street SE in Skyland, Ward 8, with 67 apartments reserved for households earning between 30% and 80% of AMI.
How is the project being financed?
The financing package includes $22.6 million in tax‑exempt bonds from the District housing finance agency, $17.2 million in Federal LIHTC equity, $3.6 million in District LIHTC equity, and an $18.9 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development. An FHA 221(d)(4) construction‑to‑permanent loan was also secured.
Who is developing the project?
The developers are Justice Housing and The Miller Group, with EquityPlus serving as financial partner and development consultant.
What amenities will be included?
A fitness center, indoor and outdoor resident lounges and an outdoor terrace are planned for the building.
Will there be supportive services?
Yes. Thirteen units will be designated for Permanent Supportive Housing and will receive supportive services for eligible residents.
When did financing close?
The bond issuance was announced Aug. 26, 2025, with public reporting of the package in early September 2025.
Key project features
| Feature | Detail |
|---|---|
| Project name | Wagner Senior Residences |
| Address | 2419 25th Street SE, Skyland (Ward 8) |
| Building size | Five stories |
| Total units | 67 (6 studios, 58 one‑bedroom, 3 two‑bedroom) |
| Income targeting | 30%–80% of AMI |
| Permanent Supportive Housing units | 13 units with services |
| Major financing | $22.6M tax‑exempt bonds; $17.2M Federal LIHTC equity; $3.6M DC LIHTC equity; $18.9M HPTF loan |
| Total development cost | $47.6M |
| Developers / partners | Justice Housing; The Miller Group; EquityPlus (Avram Fechter) |
Deeper Dive: News & Info About This Topic
Additional Resources
- Multihousing News: DCHFA finances fresh affordable senior housing in D.C.
- Wikipedia: Wagner Senior Residences
- ConnectCRE: DCHFA funds new seniors housing project in D.C.
- Google Search: Wagner Senior Residences
- Commercial Observer: D.C. affordable housing DCHFA loan
- Google Scholar: Wagner Senior Residences
- GlobeNewswire: DCHFA closes out August by funding 67 new senior affordable apartments in Ward 8
- Encyclopedia Britannica: Wagner Senior Residences
- Bain Capital Real Estate: Bain Capital Real Estate and Capitol Seniors Housing acquire active‑adult product
- Google News: Wagner Senior Residences
Author: Construction CA News
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