Last week, local dignitaries and area residents from the District of Columbia joined Treasurer of the United States Rosie Rios to celebrate the ground breaking of Vida Senior Residences. Vida Senior Residences will be available to individuals ages 55 and older who earn 50 percent or less than the area media income (AMI). The 36 unit project is expected to be complete in spring 2011 and create 55 full-time equivalent construction jobs over the 11-month construction period.
“My administration is committed to providing affordable housing for our seniors to help maintain stable communities,” Mayor Adrian M. Fenty said. ”The Vida Senior Residences in Brightwood is just one of the projects we have pushed forth with to make sure our seniors can stay in their communities.”
DHCD awarded Vida $6,867,244 in funds from the American Recovery and Reinvestment Act (ARRA) under the Section 1602 Tax Credit Exchange Program. The DC Housing Finance Agency (DCHFA) also provided Vida a $150,000 loan in McKinney Act funding for predevelopment costs.
“Access to affordable housing is a challenge faced by communities across the country,” said Treasurer Rios. ”By providing states with cash to help them finance low-income housing construction, the Recovery Act is spurring development at a time when too many projects would otherwise be stalled.”