MHP closes on $132M in financing for Worthington Woods, prepares to renovate 394-unit affordable housing complex in Ward 8, Washington, D.C.
Silver Spring, MD (June 23, 2023) – MHP today announced it has closed on financing for Worthington Woods Apartments, a 394-unit affordable housing complex in Ward 8, Washington, D.C.
The financing, which totals $132 million, will be used to pay off previous debt and launch an extensive renovation for Worthington Woods.
MHP acquired Worthington Woods in 2019 through the Tenant Opportunity to Purchase Act process, with the goal of preserving long-term affordability and completing a renovation. MHP has already installed solar roofs at the property, lowering utility costs for residents. Upcoming renovations will include upgrades to electrical systems, installation of new security systems, new flooring, new light fixtures, and more. MHP will also remove central boilers, add central HVAC units, and build a community center.
“We are grateful to the funders and partners who helped us achieve this financial close,” said MHP President Robert A. Goldman. “This is our largest property and our first deal in D.C. We look forward to activating a major renovation and building a new community center, changes that will enhance the community for Worthington Woods residents.”
MHP raised funds for Worthington Woods through a combination of bonds, federal and local tax credits, grants, and funding from D.C. government. Financial partners include D.C. Housing Finance Agency, D.C. Department of Housing and Community Development, JPMorgan Chase, PNC, and the Morris and Gwendolyn Cafritz Foundation. Additional partners include the Worthington Woods Tenants Association and Anacostia Economic Development Corporation.
Built in 1944, Worthington Woods is a garden-style community in Southeast, D.C., Ward 8. MHP restricts 100% of units for residents earning at or below 60% of area median income.
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At MHP, we are dedicated to making home possible. Since 1989, MHP has been preserving and expanding access to quality affordable housing. MHP is a private nonprofit that provides more than 2,800 homes in Montgomery County, MD, and surrounding communities. We accomplish our mission by housing people, empowering families, and strengthening neighborhoods. Learn more at mhpartners.org