Notification of a Proposed Revenue Bond Issuance of the District of Columbia Housing Finance Agency - Judiciary House Apartments

May 27, 2026
The Honorable Phil Mendelson, Chairman
Council of the District of Columbia
1350 Pennsylvania Avenue, N.W., Suite 402
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to D.C. Official Code § 42-2702.07, and on behalf of the Board of Directors (the
“Board”) of the District of Columbia Housing Finance Agency (the “Agency”), you are hereby
notified that on April 28, 2026 the Board enacted an Eligibility Resolution for tax-exempt and/or
taxable multifamily housing mortgage revenue bond financing in an amount not to exceed
$37,110,000 for the rehabilitation and equipping of the Judiciary House Apartments project (the
“Development”). The Development is expected to be located at 461 H Street NW, in Ward 2.
After completion, the Development is expected to consist of one (1) building, containing a total
of approximately two hundred fifty-six (256) residential rental units.
A copy of the Eligibility Resolution for the DC Council’s review is enclosed as Exhibit A. A
detailed description of the Development and its intended benefits are provided in the
development financing memorandum enclosed as Exhibit B. If you have any questions, please
contact me at (202) 777-1600.
Sincerely,
Michael L. Hentrel
General Counsel
Enclosures
Sincerely,

EXHIBIT A

DCHFAEligibilityResolutionNo.2026-05JudiciaryHouseApartmentsEligibilityResolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
RESOLUTION AS TO THE ELIGIBILITY OF JUDICIARY HOUSE
APARTMENTS FOR TAX-EXEMPT AND/OR TAXABLE MULTIFAMILY
HOUSING MORTGAGE REVENUE BOND FINANCING
WHEREAS, the Districtof Columbia Housing Finance Agency (the
“Agency”) received a request from CapitolHousing Partners,LLC (the“Applicant”)
thattheAgencyprovideacquisition,rehabilitation,and equippingfinancingfor
JudiciaryHouseApartments,whichuponcompletion,isexpectedtoconsistoftwo
hundred fifty-six(256) residentialunitsfinanced with multifamilyhousing mortgage
revenue bonds and isexpected to be located at 461 H Street NW, Washington,
DC 20001inWard2(the“Project’);
WHEREAS,theApplicantshaveelected,pursuanttoSection142ofthe
InternalRevenue Code of 1986, as amended (the “Code”), to set aside at least
fortypercent(40%)oftheunitsforhouseholdsatorbelowsixtypercent(60%)of
theareamedianincome(“AMI”);
WHEREAS, the Applicantsare eligibleforLow Income Housing Tax Credits
pursuantto Section42 of the Code, and have electedto setaside at leastone
hundredpercent(100%)oftheunitsattheProjectforhouseholdsatorbelowsixty
percent(60%)of AMI;
WHEREAS, theAgencyhasconductedapreliminaryreviewoftherequest
for financing of the Project in order to determine, among other things,that the
Projectandthefinancingrequestedtherefor,complywiththerequirementsofthe
DistrictofColumbiaHousingFinanceAgencyAct,D.C.Law2-135,asamended,
D.C.Code§42-2701.01etsea.(the“Act’);
WHEREAS,theApplicantshaverequestedfinancinginanamountnotto
exceed$37,110,000throughan offeringoftheAgency'sTax-Exemptand/or
TaxableMultifamilyHousingMortgageRevenueBonds(the“Bonds”)forthe
financing,includingthefinancingofreasonablyrelatedandsubordinatefacilities
andanypermissiblereimbursementexpenses,oftheProject;
WHEREAS,alloraportionoftheProjectmaybefinancedwithproceedsof
theAgency'sTax-ExemptMultifamilyHousingMortgageRevenueBonds,and
suchportionthatisnotfinancedwiththeAgency'sTax-ExemptMultifamily
HousingMortgageRevenueBondsmaybefinancedwithproceedsoftheAgency's
TaxableMultifamilyHousingMortgageRevenueBonds;
WHEREAS,AgencystaffrecommendstheissuanceoftheBondsinan
amountnottoexceed$37,110,000,inoneormoreseries,forthebenefitofthe
ApplicantsorotherrelatedentityaffiliatedwithorrelatedtotheApplicantsthatwill
ownandoperatetheProject(the“Borrower’);and
WHEREAS,providingthefinancingrequestedfortheProjectwillconfera
Publicbenefitandservethepublicinterestbyloweringthecostofandexpanding
availablehousingopportunitiesforlowandmoderateincomeresidentsofthe
DistrictofColumbia(theDistrict’),allinaccordancewithandinfurtheranceofthe
purposesoftheActinthefollowingmanner:
1. Makingavailableapproximatelytwohundredfifty-six(256)units,one
hundredpercent(100%)ofwhichareestimatedtobeaffordabletohouseholdswithincomesatorbelowsixtypercent(60%)ofAMI;
2. ProvidingopportunitiesforconstructionjobstoDistrictresidentsby
requiringthattheApplicantsandtheBorrowergiveprioritytoDistrictresidents;and
3. Contributingto the overallsocialand economic improvement ofthe
Ward 2 neighborhood.
NOW THEREFORE, BE IT RESOLVED by the Board of Directorsof the
Agency (the“Board”)that:
1. Based upona reviewofthe requestby Agency staffas itrelatestothe
Project, the report on such review to the Board, the favorable
recommendation of the Executive Director/CEO, and upon due
deliberationand consultation with Agency staff,the Board hereby
determinesthat,basedontherequirementsofeligibilityforfinancingby
the Agency, the Projectand itsfinancingby the Agency willmeet the
requirements of the Act.
2. Final approval of any financing shall be subject to such terms,
conditions,and documentation acceptable or deemed necessary by the
Agency.
3. This reservationof volume cap in the amount of $37,110,000, to the
extent availableto the Agency, is for a period of one hundred eighty
(180) calendar days, which period may be extended at the sole
discretionof the Board.
4. Adoption of thisEligibilityResolution shallnot constitutea commitment
fromtheAgencytoissuetheBondsortoprovidefinancingforthe
Project,
5.TheExecutiveDirector/CEOisauthorizedtoundertakesuchactionsas
arerequiredtobetakenpursuanttotheActandtheregulationsof the
Agency,includingtheselectionoftaxprofessionalservices.
6.TheExecutiveDirector/CEOisherebyauthorizedanddirectedtosend
totheChairpersonoftheCounciloftheDistrictofColumbiawritten
NotificationoftheadoptionofthisEligibilityResolutiondescribingthe
natureoftheProjectandthebenefitsdesignedtoresulttherefromas
requiredby D.C. Code § 42-2702.07.

lityResolutionshalltakeeffectimmediately.
DCHFA EligibilityResolution No. 2026-05
ADOPTED ON APRIL 28, 2026
AT A MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Heather Wellington : ABSENT
ScottieIrving ‘ APPROVED
Yohance Fuller . APPROVED
Carri Robinson : APPROVED

EXHIBIT B
MULTIFAMILY UNDERWRITING MEMORANDUM
INDUCEMENT APPROVAL
JUDICIARY HOUSE
461 H STREET NW
263 UNITS
DEVELOPERS: CAPITOL HOUSING PARTNERS, LLC (A SUBSIDIARY OF DC HOUSING AUTHORITY (DCHA)
SUBSTANTIAL REHIBILITATION, NOT TO EXCEED $38,880,000
MAXIMUM LTV: 85%, MINIMUM DEBT SERVICE: 1.15X, OR HIGHER, AS REQUIRED BY LENDER
JAMES HOLLEY-GRISHAM
DATE: APRIL 28th, 2026

2
LOCATION:

3

Project Name:
Project Address:
Ward:
Census Tract
DDA/QCT?
# of Units
Building Type:
Primary Developer:
Tax Exempt Bond Issuance Amount:
AMI Restrictions:
Applicable Subsidy:
Development Team:
General Contractor:
Property Manager:
Architect:
Construction Lender:
Permanent Lender:
Bond Counsel:
Neighborhood:
Walk Score:
Transit Score:
Total Development Cost Per Unit:
Underwritten Vacancy Rate:
Underwritten OpEx Per Unit:
PAM OpEx Per Unit Range:
Appraised Value:
LTV:
Capture Rate:
Penetration Rate:
Type:
Short Term Bonds Only
Bond Amount Aggregate Basis/Bond Basis 50% Test
35,345,000 117,816,977 30%
Debt Execution: HUD 221(d)(4) - Berkadia
Term Sheet: Underwritten:
Amount: 41,925,000
Interest Rate 6.45%
Amortization: 40
Term: 40
DSCR: 1.15x
LIHTC Equity Raise Rate: Total Amount:
Federal LIHTC Raise Rate: $0.805 $45,477,906
DC LIHTC Raise Rate: $0.650 $9,181,241
Yes
59
Yes
Overview:
Real Estate Considerations:
Submarket:
Chinatown
95
84
256
DC Housing Authority
$35,345,000
60% AMI or Less
Multifamily Lending and Neighborhood Investments
Credit Approval Request
Judiciary House
461 H Street NW, Washington, DC, 20001
2
Substantial Rehabilitation
68%
Studio 27
221(d)(4) - Berkadia
221(d)(4) - Berkadia
TBD
Berkadia
Buyer:
FSC D&C LLC (a subsidiary of Fairstead)
Residential One
$502,836
Permanent Debt:
7%
$12,257
Name:
Bond Issuance:
Financing:
$10,566 - $12,974
$62,100,000
7%
68%
50% Test:

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TRANSACTION SUMMARY:
The Multifamily Lending and Neighborhood Invest ments (“MLNI”) underwriting staff requests the
inducement approval from the District of Columbia Housing Finance Agency’s (“DCHFA” or the “Agency”)
B o a r d o f D i r e c t o r s ( t h e “ B o a r d ” ) f o r t h e i s s u a n c e o f t a x - e x e m p t b o n d s i n a n a m o u n t n o t t o e x c e e d
$38,880,000 to finance a portion of the costs to rehabilitate 256 units at Judiciary House Apartments (the
“Development” or the “Property”). The Senior Loan w ill be constrained to 85% stabilized Loan to Value
(LTV) and 1.15x amortizing debt service coverage ratio (DSCR).
Judiciary House Apartments, originally constructe d in 1966, is a 10-story high-rise public housing
apartment building with mostly senior and disabled residents (the building does not have a specified
target population). The Property was partially renovated in July of 2025. The partial renovations included
upgrades to some of the units’ windows and balconies, fire sprinkler system, and electrical buildouts.
Judiciary House is currently funded with Section 9 (Public Hosing) housing funds and receives Annual
Contributions Contracts (ACC) subsidy. The proposed Development plans to convert the public housing
units, funded under Section 9 of the United States Ho using Act, to the Rental Assistance Demonstration
(RAD) units. This conversion will transform the fundi ng source from the traditional public housing
subsidies to project-based Section 8 housing assistance, which provides more funding options for repairs
and improvements, as well as long-term subsidy contracts.
The Judiciary House development is centrally located within Washington, DC within the Chinatown
Neighborhood, at 461 H Street NW. The entrance to th e Subject site is located on the northern side of H
Street and the Subject site’s general area consists primarily of multifamily and retail uses to the west,
north, and east, and government uses to the south. The Chinatown neighborhood is designated as a
“Walkers Paradise” with a Walk Score of 95, “Excellent Transit” with a Transit Score of 98, and “Biker’s
Paradise” with a Bike Score of 98, as determined by walkscore.com.
In August of 2001, the District of Columbia transferred the site to DC Housing Authority (DCHA) following
the Housing Authority Act of 1994. Upon financial closing, DCHA plans to execute a 99-year ground lease
with the Borrowing entity, JH H Street Limited Part nership, for an annual payment amount of $1. In
addition to the ground lease, DCHA also plans to sell the building to the Borrowing entity for the purposes
of redeveloping the site. The terms of the proposed ground lease are 99 years, with a nominal fee. The
acquisition cost for this project subject to the ground lease (Leasehold Interest) will be $27,900,000 and
will be capitalized in the form of a sellers note. Th e transfer of ownership from DCHA to CHP does not
trigger TOPA since DCHA is not subject to TOPA.
The unit mix of the Development will be a total of 263 units including 146 efficiency units and 117 one-
bedroom units. The site consists of one high-rise build ings which will be restricted to residents earning
30% and 60% of Area Median Income (“AMI”) or less.
The Development is a 0.3 of a mile from the Judiciary Square Metro Station. It is located in census tract
59 in Ward 2. Property amenities will include controlled entry with intercom and key fob access, elevator,
on-site management office, community room, fitnes s center, computer center, and laundry room. Units
will be equipped with kitchen appliances including refrigerator, range/oven, disposal, central air
conditioning, window blinds, balconies, and coat closets.

5

The security features at the Development current ly include security cameras and 24/7 DCHA Police
Department presence. Post renovati ons, the security features will include limited access key fobs,
unarmed security guards patrolling 24/7, and both interior and exterior high-definition security cameras.
The capital stack for the Development will consist of permanent financing in the approximate amount of
$41,925,000 as a 221(d)(4) loan, a $27,900,000 Seller’s Note, $45,477,906 in Federal Low Income Housing
Tax Credit, or “LIHTC” Equity, $9,181,241 in DC LIHT C Equity, and a $4,241,962 Deferred Developer Fee.
The total development cost is $ 128,726,109 ($502,836/unit), inclusive of acquisition debt repayment,
hard and soft costs, developer and financing fees, reserves and escrows.
JH H Street Limited Partnership will be the owner and borrowing entity (“Borrower”) in the transaction.
The 0.01% general partner consists of JH General Partner LLC (General Partner, 0.01% interest), a
subsidiary of the DC Housing Authority. The Genera l Partner is 100% owned by DC Housing Enterprise,
also an affiliate of the DC Housing Authority. DC Hous ing Enterprise will be the guarantor of the Project.
At closing, Judiciary Housing LP will admit a 99.99% tax credit investor member, Hudson Housing Capital,
Inc., into the partnership to facilitate the LIHTC equity investment. The property is expected to be sold
from DC Housing Authority to JH H Street Limited Pa rtner. The Sponsors have confirmed with their tax
counsel (Ballard Spahr) and accounting advisors (Baker Tilly) that the Project does not need a disaffiliated
entity to be apart of the organizational chart give n the project is assuming a qualified allocation. This
allows the project to do the following:
1. Continue to claim bonus depreciation
2. The Seller Loan can be considered good debt because the ownership is less than 10%, 0.01% here
(this is also covered by the de minimis exception)
3. Preserves acquisition credits
The remaining members of the development team consis t of FSC D&C LLC (a subsidiary of Fairstead) as
General Contractor, Studio Twenty-Seven as Architec t, Keen Preservation Solutions LLC as the Financial
Consultant, and Residential One as Property Manager.

STRENGTHS / RISKS (KEY MITIGANTS):
1. Reputational Risk: DCHFA will be providing $34.3MM in tax-exempt volume cap to the
transaction and will be publicly associated with the Development.
o Reputational Risk Mitigant: The Sponsor and development team are experienced.
Additionally, the Project guarantor DC Housing Enterprises (Subsidiary of DCHA), has a
net worth of $13MM and $7MM in unrestrict ed cash. The DC Housing Authority has
worked on other successful housing developments with DCHFA financing including, most
recently, Henson Ridge II, The Edmonson, The Asberry, and Barry Farm Flats.
o Additionally, the Sponsor has recently expanded their development team, hiring an SVP
and project manager with experience managing LIHTC projects. The new Senior Vice
President of Capital Programs and Developme nt, Erin Wilson, has extensive background
in developing affordable housing. Prior to DCHA, Ms. Wilson’s most recently advised on
federal programs at the Department of Housing and Urban Development (HUD) to
preserve, green, and recapitalize existing fede rally assisted housing. Before that she led

6

the team at the DC Department of Housing and Community Development (DHCD) that
closed over $900 million of local and federa l gap financing during her tenure. Also, John
Settles will act as the lead project manage r for the DC Housing Au thority. John has a
strong financial background, having worked for Wells Fargo, Boston Financial, and the US
Department of Housing and Urban Development (HUD). Additionally, John has worked
with multiple development companies including Housing Affordability Solutions, LLC,
Urban Communities, LLC.
o Reputational Risk Mitigant: In addition to growing their development team, the Sponsor
has also selected Keen Preservation Solution as the Financial Consultant for the Project.
Keen’s role will be to assist DCHA with negotiating all financing terms, preparing financial
due diligence items, representing DCHA with financing partners, and advancing the
Project to Financial closing. Prior to establishing Keen, Sakinah worked as a Developer for
Pennrose, LLC, a national development company with an office in Baltimore, MD. During
her time at Pennrose, she closed five LIHTC deals throughout the DMV representing over
$125MM in investments. Of the five LIHTC de als Sakinah closed while at Pennrose, two
of which were in Washington, D.C. (Deanwood Hills and St. Stevenson Apartments), both
4% LIHTC transactions like the proposed Development. Keen’s role in the project will be
completed once the project has closed on construction financing and the first draw is
drafted.

2. New General Contractor to Washington, D.C. Market Risk: The proposed Development will be
FSC D&C LLC’s (Fairstead subsidiary) first affordable housing project in Washington, D.C.
o General Contractor Risk Mitigant: FSC staff has an experienced general contracting and
the project manager for Judiciary House has ex tensive experience in the District. Marco
Williamson, the Managing Director of Constr uction, has extensive experience managing
high-rise construction projects. He ensure s timely, budget-conscious, and high-quality
delivery by leading design consultants, co ntractors, and vendors. Jeff Cordisco, the
Director of Construction Management at Fairstead and heads the management of all
affordable construction projects. He lives in Bethesda, MD and manages the FSC DC office.
Jeff was Vice President and Partner at Denning Development LLC, a company focused on
affordable housing and urban mixed-use development in the Washington D.C. region. He
has overseen the successful development of numerous projects in DC, including Wah Luck
House in Chinatown (a DCHFA financed proj ect). Lastly, Thomas Hawkins, the Senior
Project Manager, serves as the team’s pr imary Washington, D.C. construction lead.
Having worked for over a decade in Washington, D.C., Thomas has local knowledge of the
district’s regulatory environment, subcontractors’ networks, and the multifamily
development landscape. Tom’s experience in Washington, D.C. includes general
contracting, owners’ representatives, development management across multiple project
types and in various neighborhoods throug hout Washington, D.C. Tom held Project
Manager and Superintendent roles at McCullough Construction, a well-known general
contractor in Washington, D.C. Tom received a master’s in real estate from Georgetown
University and has worked on numerous multifamily projects in Washington, D.C.
including: 230 Rhode Island Ave (82-unit mult ifamily renovation), Watkins Alley (44-unit

7

ground up multifamily lofts), and Carver & Slowe (162-unit renovation of former Howard
University dorms). Lastly, Tom is also curr ently working on Lincoln Heights, a 425-unit
affordable housing project currently in the pre-development phase and is expected to be
one of the first Washington, D.C. project completed by FSC’s development team.
o FSC has experience with labor requirements si milar to First Source and CBE programs in
cities such as NYC and Newark, NJ. For instance, Newark requires that 50% of all
construction to be performed by Newark based and registered sub-contractors. Fairstead
exceeded that amount on various Newark projects that they have completed. FSC has
worked on mixed-finance projects with numerous public housing agencies throughout the
nation. Therefore, FSC has the experience of working not only on First Source, but also
with Section 3 and in compliance with prevailing wages for each job.

3. Rent Delinquency Risk: Given the high amount of unpaid rent in various housing types across
Washington, D.C. DCHFA does recognize this as a potential risk.
o Rent Delinquency Risk Mitigant: Judiciary House is 100% pr oject-based subsidy.
Therefore, residents are only required to pay a small portion of their rent. Most of the
rent is paid for by the HUD calculated RA D rent rate and Section 18 funding for a
“blended” contract rent. The contract will have a minimum of two 20-year terms.

STRENGTHS:
1. Location: The proposed project is located in a highly desired Northwest DC neighborhood and has
excellent access to neighborhood amenities, major employers, and transportation options.
2. Cashflow Stability: The project will be 100% subsidized, which will provide the Borrower with a
stable cashflow to support the outstanding debt obligations.
3. Preservation of Existing Affordable Units in the Market: The Project is a substantial rehabilitation
of an existing Housing Authority property that operates with affordability restrictions.

LOAN STRUCTURE
The Development will be financed through the issuance of $35,345,000 in DCHFA tax-exempt short term
bonds. The short-term bonds will be cash collateralized with a taxa ble 221(d)(4) construction to
permanent loan of $41.9MM. The 221(d)(4) loan has b een underwritten with a 6.45% interest rate. The
equity bridge loan from Sterling Bank has a fixed interest rate of 9.0% for up to 30 months and is interest
only.
The permanent loan term is 40 years with a 40-year amortization schedul e. The loan will be limited to
85.0% of the “as-stabilized” value. As of 04/07/2026, the permanent loan has a rate of 6.45%, including a
5.70% base rate, 0.25% MIP, and 0.50% interest rate buffer to account for interest rate volatility. The loan
amount and interest rate are within DCHFA’s credit/underwriting guidelines (85.0% LTV, 1.15x DSCR).

8

SUMMARY OF CONSTRUCTION SOURCES AND USES:
Sources $ Uses $
221(d)4 Loan: $41,925,000 Acquisition: $27,900,000
Construction Bridge Loan: $12,080,522 Construction: $57,508,192
DCHA Seller Loan: $27,900,000 Soft Costs: $16,160,512
Federal LIHTC Equity: $26,149,796 Financing Fees: $10,707,395
DC LIHTC Equity: $5,279,213 Developer Fee: $1,058,433
Total Construction Sources $113,334,531 Total Construction Uses $113,334,531

SUMMARY OF PERMANENT SOURCES AND USES:
Sources $ Uses $
221 (D)(4) Loan: $41,925,000 Acquisition: $27,900,000
DCHA Seller Loan: $27,900,000 Construction: $57,508,192
Federal LIHTC Equity: $45,477,906 Soft Costs: $16,160,512
DC LIHTC Equity: $9,181,241 Financing Fees: $10,707,395
Deferred Developer Fee: $4,241,962 Developer Fee: $11,298,179
Reserves and Escrows: $5,151,832
Total Permanent Sources $128,726,109 Total Permanent Uses $128,726,109

FINANCIAL ASSUMPTIONS:
Permanent Loan All-In Interest Rate 6.45%
Base Rate 5.70%
MIP 0.25%
Buffer 0.50%
Permanent Loan Amortization 40 years
Lock Out Period 10 years
Permanent Loan Term 40 years
Minimum Amortizing DSCR (YR 3) 1.15x

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DCHFA FEE SCHEDULE:

The DCHFA Bond servicing fee is calculated as 40 basis points per year for the long-term bond amount and
50 basis points per year for the short-term bond amount. These fees are applicable during the period
between financial closing and permanent loan conversion . These fees are payable at financial closing. If
the time period prior to conversion increases from the initial estimate, the Agency will charge the Sponsor
a higher revised amount. If the time period decreases, the Agency will reimburse the Sponsor for fees that
were not required. Given the project will receive shor t term bonds only, the project will also be required
to pay a QPP fee which is a onetime fee calculated at $720 per unit to account for the project not paying
any long-term issuer fee’s.

SUBORDINATE DEBT:
The developer plans to include a $27,900,000 Sellers Note into the project. The terms for the Sellers
Note are as follows:
x Interest Rate: 4.72% on principal amount (Applicable Federal Rate).
x Loan Term 42 years (Loan matures 42 ye ars from Placed in Service Date.)
x Repayment: Contingent upon the availability of Free Cash Flow (As defined in the loan
agreement.)
x Collateral: Second Deed of Trust
x Non-Recourse

Application Fee $35,345
Financing Fee $706,900
Issuer’s Counsel $45,000
DCHFA LIHTC Allocation Fee $339,000
Construction Monitoring Fee $575,082
DCHFA Bond Admin Fee (Short Term, 50 BPS) $441,813
QPP Fee $184,320
Total $2,327,459

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FEDERAL LIHTC
The Sponsors selected Hudson Housing Capital LLC (“HHC”) as LIHTC investor for the transaction. Per the
letter of intent (“LOI”) an affiliate of HHC will have a 99.99% ownership interest in the Development at
the purchase price of $0.805 per $1.00 of federal tax credits. HHC will provide an estimated total equity
investment of $45,477,906. The equity investment is subject to DHCD providing a projected annual
allocation of $5,649,994, for a total 10-year allocation of $56,499,942. The investment will be sufficient
to fund the required equity for the transaction. HFA underwriting assumptions project a qualified basis of
$141,249,857 an annual LIHTC amount of $5,649,994 a nd a total equity investment of $45,477,906. The
LIHTC equity investment are as follows: 20% at financia l closing, 37.5% at 65% construction completion,
5% at 100% completion, 36% at conversion, and 1.5% upon the issuance of the 8609.

LIHTC Calculation Acquisition Construction
Eligible Basis $29,295,000 $86,119,121
HTC Deduction $0 $0
Adjusted Basis $29,295,000 $86,119,121
Projected Applicable Fraction 100% 100%
Basis Boost 100% 130%
Projected LIHTC Qualified Basis $29,295,000 $111,954,857
Tax Credit Rate 4.00% 4.00%
Annual LIHTC Amount $5,649,994
L.P. Ownership 99.99%
Investor Pay Rate $0.805
Projected LIHTC Investor Equity $45,477,906

DC LIHTC: In addition to the federal tax credits, Judiciary House is eligible to receive DC LIHTC based on
the District of Columbia Low-Income Housing Tax Cred it Clarification Amendment Act of 2020. Judiciary
House applied to DCHFA for financing in July of 2024. Therefore, the project is not subject to the new DC
LIHTC requirements and are grandfathered into receiving the by-right DC LIHTC’s. The project Sponsor and
the District of Housing and Community Development (DHCD) has confirmed that the project is eligible and
is expected to receive DC LIHTC’s without having to apply through the 2026 Qualified Allocation Plan.
Hudson Housing Capital, LLC will also be the purchaser of the state credits “DC LIHTC Investor”, and the
credits will be purchased at a rate of $0.65 per credit. The pay-in schedule for the DC LIHTC equity will
match the federal LIHTC equity schedule.
DC LIHTC Calculations
Total Tax Credit Received Over 10 Year Period $56,499,943
25% of Total Allocation 25%
DC Tax Credit Amount $14,124,986
Pricing Per Credit $0.65
Total DC LIHTC Equity $9,181,241
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DDA/ QCT Map:
The site is designated as a Difficu lt to Develop Area (DDA) and is eligible for a 30% LIHTC basis boost.
Please see map below:
SPONSOR /DEVELOPER/ GUARANTOR ANALYSIS
Developer: JH H Street Limited Partnership (a subsidiary of the DC Housing Authority)
JH H Street Limited Partnership will be the borrowing entity for Judiciary House. JH H Street Limited
Partnership is a subsidiary of the DC Housing Authority (“DCHA”). DCHA’s capital programs department is
led by Erin Wilson (SVP, Capital Markets). Other me mbers of the team include Sheila Miller (Director,
Capital Programs), John Settles (Project Manager II, Capital Markets), and Joseph Chase (Project Manager,
Capital Market).
Erin Wilson is the Senior Vice President of Capital Programs and Development at the District of Columbia
Housing Authority (DCHA). Ms. Wilson has 20 years of experience preserving and producing affordable
housing at the local, state, and Federal level, fr om program and policy development to the underwriting
and financing of affordable multifamily housing proj ects. At DCHA, Erin Wilson is responsible for real
estate planning for the DCHA portfolio, supervising and directing development and rehabilitation projects,
and managing other mixed-finance initiatives.
Prior to DCHA, Ms. Wilson’s most recently advised on federal programs at the Department of Housing and
Urban Development (HUD) to preserve, facilitate e nergy efficiency improvements, and recapitalize
existing federally assisted housing. Before that sh e led the team at the DC Department of Housing and
Community Development (DHCD) that that closed ov er $900 million of local and federal gap financing

12

during her tenure to acquire, produce, or preserve over 7,500 affordable housing units. Ms. Wilson also
has prior experience managing a local inclusionary zoning program and developing housing policy in
Rockville, MD and consulting with public housing au thorities that are redeveloping distressed public
housing. Erin received a Master of City and Region al Planning and Master of Social Work from the
University of Pennsylvania.
Sheila Miller has over 30 years of real development experience in the greater District of Columbia, Virginia,
and Maryland area. Since becoming the Director of the Capital Markets team for the District of Columbia
Housing Authority (DCHA) in 2024, Ms. Miller has been responsible for development oversight and
implementation of the strategic plan for repositionin g the agency’s assets with significant capital needs
and asset stabilization. Prior to her time at DCHA, Ms. Miller has worked in multiple DC government
agencies including DC Department of Housing and Community Development (DHCD) and DC Office of
Deputy Mayor for Planning and Economic Department (DMPED). Ms. Miller has an extensive finance
background, having worked in multiple finance-related roles at Nations Bank as well as Fannie Mae.
Joseph Chase is a development project manager for DCHA. As the development manager he has been
tasked with the oversight of 166 units at the DCH A Kenilworth Courts site, manages the Master
Development Agreements for DCHA sites (Lincoln He ights and Richardson Dwellings) and oversees the
revitalization of DCHA’s Parkway Overlook (a Ward 8 mixed finance site completed with DCHFA tax-
exempt bonds). Prior to working in the developmen t team for DCHA, Mr. Chase was the Construction
Superintendent for DCHA. As the superintendent, he led multiple construction efforts for DCHA under the
HOPE IV Grant provided by Housing and Urban Develo pment (HUD). Some of these projects were also
financed with DCHFA tax-exempt bonds, including Henson Ridge II.
Lastly, DCHA hired John Settles for the purpose of as sisting with the development of the Judiciary House
project as well as being a senior advisor in the office of the executive director. John is currently a W-2
contact employee for DCHA and will serve as the lead project manager for Judiciary House. Mr. Settles
has a strong financial background having worked for Wells Fargo, Boston Financial, and the US
Department of Housing and Urban Development (HUD). Additionally, John has worked for multiple
development companies including Housing Affordability Solutions, LLC, Urban Communities, LLC.
DC Housing Enterprises (the “Guarantor”) will be responsible for providing completion and financial
guarantees for the Project. Staff analyzed the Guaran tor’s consolidated fiscal year end 2023, 2024, and
2025 financial statements for the Guarantor to determine its financial capacity to guarantee the Project.
Staff reviewed current ratio, working capital, and net worth. Current Ratio is a liquidity measure that gives
an indication of an entity’s ability to pay immediate liabilities and is calculated as current assets divided
by current liabilities. Working capital is calculated by subtracting current liabilities from current assets and
is used to determine available capital. The final measure is the net worth of the entity, which is the value
of the company. It is calculated as total assets minus total liabilities.

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The ratios indicate that the Guarantor has adequate financial strength, liquidity, working capital, and net
worth.

Financial Consultant: Keen Preservation Solutions LLC
Keen Preservation Solutions LLC (“Keen”) has been selected as the development consultant for Judiciary
House. Keen was established in 2019 and has since provided real estate developers with full project
management support for historic preservation and a ffordable housing preservation projects. Keen’s
principal and Owner is Sakinah Linder. Prior to esta blishing Keen, Sakinah worked as a Developer for
Pennrose, LLC, a national development company with an office in Baltimore, MD. During her time at
Pennrose, Sakinah managed several housing and mi x-use developments; as well as preparing and
submitted multiple LIHTC funding applications. During her time at Pennrose, she closed five LIHTC deals
throughout the DMV representing over $125MM in invest ments. Of the five LIHTC deals Sakinah closed
while at Pennrose, two of which were in Wash ington, D.C. (Deanwood Hills and St. Stevenson
Apartments), both 4% LIHTC transactions like the proposed Development.
For Judiciary House, Keen’s scope of work includes managing the financial model for the project, managing
all DCHA’s relations with other external financing partners (Berkadia, Hudson, etc.), providing the
necessary financial due diligence documents to the va rious financing partners to accurately reflect the
project budget, and successfully get the project to financial close. Post financial closing, the last milestone
in Keens scope of work is to assist with the preparation of the first draw. Once the first draw if complete,
Keen’s preservation scope will be complete.

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OWNERSHIP STRUCTURE:
JH H Street Limited Partnership will be the owner and borrowing entity (“Borrower”) in the transaction.
The 0.01% general partner consists of JH Genera l Partner LLC (General Part ner, 0.01% interest), a
subsidiary of the DC Housing Authority. The Gene ral Partner is 100% owned by DC Housing Enterprise,
also an affiliate of the DC Housing Authority. DC Hous ing Enterprise will be the guarantor of the Project.
At closing, Judiciary Housing LP will admit a 99.99% tax credit investor member, Hudson Housing Capital,
Inc., into the partnership to facilitate the LIHTC eq uity investment. The Sponsors have confirmed with
their tax counsel that the Project does not need a disa ffiliated entity as a part of the organizational chart
given the project is assuming a qualified allocation. This allows the project to do the following:
1. Continue to claim bonus depreciation
2. The Seller Loan can be considered good debt be cause the ownership is less than 10%, 0.01% here
(this is also covered by the de minimis exception)
3. Preserves acquisition credits
Please see the Borrowing entities organizational chart below:

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GENERAL CONTRACTOR:
FSC D&C LLC (a subsidiary of Fairstead) has been selected as the general contractor for the project. FSC
Design & Construction is Fairstead's vertically in tegrated construction subsidiary, responsible for
overseeing pre-development, pre-construction, and general contracting activities across the firm's
national portfolio.
In June 2025, DCHA issued a solicitation to procure a General Contractors to implement major renovations
across its 19 DCHA properties. DCHA’s goal was to procure a team that would lead the planning,
permitting, budgeting, and construction management process to deliver fully renovated public housing
communities to DCHA. The procurement required respondents to ensure that they included an identified
general contractor with DC and DMV experience to carry out the work and who had the bonding capacity
to bond the project. The procurement resulted in the selection of 17 previously procured, qualified teams
with the capacity to carry out the work.
For the Judiciary House project, the Housing Authority ut ilized the previously procured list to bring into
this deal a general contracting team that had an oversight capacity with in-house architecture and
engineering (A&E) capabilities who could meet the required bonding capacity. FSC was chosen for their
previous experience in carrying out tax credit deals an d also their experience in working with RAD deals,
FHA 221(d)(4) and HFA projects. It was especially critic al to select a team that possessed 221(d)(4) loan
administration experience due to t he unique complexity and strong preference by FHA for experienced
firms to be involved with the transaction. Addi tionally, the General Contractor has a longstanding
relationship and track record with the syndicator, and lender on the transaction.
The General Contractor has worked on many Fairstea d projects. As a national general contractor, FSC
manages the bidding process by working with local firms. Additionally, the project and the subcontractors
will be able to benefit from national purchasing power, identification of previously successful local
subcontractors, and a close coordination of subtasks among the various trades employed for this project.
FSC will bid each trade separately, coordinate the pr oject schedule, and otherwise manage each trade.
The general contractors strength, therefore, lies in their extensive experience in working with local
contractors, identifying subcontractors with a prov en track record, and managing the schedule of each
firm. Moreover, given their experience, they will addr ess constructability issues in the field, address
potential change orders so that change orders will be minimal on this job, and manage an orderly punch
list and close out process.
While FSC as a firm doesn’t have specific project experience in Washington, D.C., key team members do.
Jeff Cordisco, the Director of Construction Mana gement at Fairstead and manages the affordable
construction projects. He lives in Bethesda, MD an d manages the FSC DC office. Jeff was Vice President
and Partner at Denning Development LLC, a company focused on affordable housing and urban mixed-
use development in the Washington D.C. region. He has overseen the successful development of
numerous projects in DC, including Wah Luck House in Chinatown (a DCHFA financed project).
Additionally, Thomas Hawkins, the Senior Project Manager, serves as the team’s primary Washington,
D.C. construction lead. Having worked for over a decade in Washington, D.C., Thomas has local knowledge
of the district’s regulatory envi ronment, subcontractors’ networks , and the multifamily development
landscape. Tom’s experience in Washington, D.C. includes general contracting, owners’ representatives,
and development management across multiple proj ect types in various neighborhoods throughout
Washington, D.C. Tom held Project Manager and Supe rintendent roles at McCullough Construction, a

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well-known general contractor in Washington, D.C. Tom received a master’s in real estate from
Georgetown University and has worked on numerous multifamily projects in Washington, D.C. including:
230 Rhode Island Ave (82-unit multifamily renovation), Watkins Alley (44-unit ground up multifamily
lofts), and Carver & Slowe (162-unit renovation of form er Howard University dorms). Lastly, Tom is also
currently working on Lincoln Heights, a 425-unit affordable housing project currently in the pre-
development phase and is expected to be the first Washington, D.C. project completed by FSC’s
development team.
FSC has experience with similar First Source and CB E programs in cities such as NYC and Newark. For
instance, Newark requires that 50% of all construction to be performed by Newark based and registered
sub-contractors. FCS exceeded that amount on various Newark projects that they have completed. FSC
has worked on mixed-finance projects with numerou s public housing agencies throughout the nation.
Therefore, FSC has the experience to work not only on First Source, but also with Section 3 and in
compliance with prevailing wages for each job.
Please see the GC Scorecard below:

Project 1 Project 2 Project 3 Project 4 Project 5
Project Name NYCHA Reid & Park Rock PACT (RAD) Yale Village Coppertree Village Essex II & III Essex Plaza I
Project Location Multiple Buildings, Brooklyn, NY 5673 Yale Street, Houston, TX 1415 W Gulf Bank Road,
Houston, TX
Multiple Buildings,
Newark, NY
1060 Broad Street,
Newark, NJ
Construction
Commencement Date: January, 2024 November, 2024 October, 2023 January, 2023 May, 2022
Construction Completion
Date: November, 2026 May, 2025 May, 2024 June, 2024 May, 2023
Development/Sponsor Fairstead Fairstead Fairstead Fairstead Fairstead
Total Construction Cost $496,300,565 $38,857,939 $26,060,000 $26,993,017 $31,805,801
Total Number of Units 1696 250 324 243 451
Total Construction
Cost/Unit $292,630 $155,432 $80,432 $111,082 $70,523
On Time Delivery Yes Yes Yes Yes Yes
Project Description Affordable Housing - Residential -
Occupied Rehab - Multi-family
Affordable Housing -
Residential - Occupied
Rehab - Multi-family
Affordable Housing -
Residential/Occupied
Rehab- Multi-family
Affordable Housing -
Residential/Occupied
Rehab- Multi-family
Affordable Housing -
Residential - Occupied
Rehab - Multi-family
CBE & MBE Goals
Achieved? Yes Yes Yes Yes Yes
First Source Goals
Achieved?
N/A - In process to exceed similar
NYC hiring goals through Section 3 N/A N/A NJ Union Project NJ Union Project
First Source Alternative
Work Plan Used? NYC Equivalent/Similar Used N/A N/A NJ Union Project NJ Union Project
Additional Notes Multi-Phase Project (95% Complete
To-Date - Ahead of Schedule)

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PROPERTY MANAGEMENT:
Residential One is the proposed management agent for the Project. Residential One is a firm that
specializes in the property management of affordable, conventional, and blended properties in the
DC/MD/VA area. The company has a background of management experience including property
management, project management, construction, a nd financial management. They specialize in the
management of both affordable and market-rate residential properties.
Residential One’s affordable experience includes, but is not limited to: LIHTC, Section 8, RAD, HOME, LRSP,
and HUD insured properties. As of March of 2026, Re sidential One has a portfolio of 117 properties,
totaling 11,934 units, throughout th e DMV area. Of the 103 properties, 23 are in Washington DC and
account for 2,640 units. Residential One currently serves as the property manager for Summit at St.
Martins, Bowen Flats, 7428 Georgia Avenue, The Paxt on, and Worthington Woods which are affordable
properties in the DCHFA portfolio.
DCHFA’s Portfolio and Asset Management (“PAM”) Staff indicated that there are no current outstanding
issues with the management company. As part of final underwriting for permanent financing, DCHFA PAM
staff will review and provided comments to the deve loper on the tenant relocation plan, management
agreement, and form of lease and will review final forms of these documents to ensure that they comply
with Agency standards.

TENANT SERVICES
The proposed tenant services provider is Communities Together Inc. (CTI). CTI an independent resident
service provider for affordable housing projects, was founded in 2017. Currently CTI has partnerships with
multiple ownership groups and community management firms, and they provide resident services to over
9,800 residents in 29 family and senior communities across Washington, D.C., Maryland, and Viriginia. CTI
focuses on five program areas for their residents: (1 ) Financial and Housing Stability, (2) Healthy Living,
(3) Youth Development, (4) Community Building, and (5) Career Development and Adult Education. The
programs assist CTI’s residents with a variety of di fferent services ranging from debt relief programs,
community relationship building events, and health and wellness services.
CTI has over 1,000 residents in thei r senior communities. CTI senior residents benefit from their Health
Living programs, which range from vaccinations to bl ood pressure checks to fitness, dance and yoga
classes.
Tenant services at the Property will be coordinated by CTI, with the property management staff providing
additional services. CTI staff works with the tenants to plan and coordinate services and programming in
the community space.
According to development budget, the Sponsor plans to provide tenant services for the residents at
Judiciary house with an approximately budget of $605 per unit per annual (or $155,000 annually). The
Sponsors have confirmed that CTI is currently in conversations with the residents at the Property to
determine what services are needed for this specific project. The final Tenant Service plan will be required
for Final Bond.

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ARCHITECT:
Studio 27 Architecture (“Studio 27”) is the Architect for the Project. Studio 27 has been around for over
25 years and has a firm size of 18 people. The firm specializes in Affordable Housing and Community Based
projects (Education buildings and recreation centers). Their portfolio breakdown of projects include 38%
of affordable housing, 11% of market rate housing, and 51% community-based projects.
Studio 27 has extensive experience working with DCHA and is currently overseeing the design of LeDroit
Senior Apartments, as well as prov iding architecture and engineering services for the entire DCHA’s
portfolio. As of 2025, Studio 27 three-year Basic Orderi ng Agreement (BOA) contract with the District of
Columbia Housing Authority (DCHA) was renewed for a second time. As one of four firms servicing the
contract, Studio 27 has completed 20 task orders fo r DCHA in the last 24 months. Task orders included
the design and renovation of a 100- and 200-unit senior housing buildings, as well as master planning and
generating equitable development strategies for several multi-acre sites owned by the agency, including
Judiciary House. In addition to these larger projec ts, Studio 27 has assisted with several elevator
replacements, the creation of a new laundry room, and the introduction of a sprinkler system at other
sites.
The Key partners at Studio 27 include John K. Burke, Managing Principal; Jake Marzolf, Principal; and Katie
Selis, Principal. Mr. Burke has over 35 years of experi en c e as an arc h it ect . Mr. Bu rk e p rovid e s q u ality
control assurance for the firm’s as-needed contract s for municipal a government agency, as well as
managing several municipal projects on both large- and small-scale projects. The firm is familiar with
Washington, D.C. having worked on multiple project including: La Casa Apartments (non-LIHTC
transitional housing), The Aya (transitional housing), Community Action Group Headquarters (nonprofit
headquarters), The Debonair (student housing), a nd Hyacinth’s Place Institute for Urban Living
(transitional housing).
DCHFA staff have received permitted drawing for th e Proposed Development. Final construction plans
and building permits will be required for the project to advance to Final Bond.

SITE CONTROL:
Judiciary House Apartments, originally constructe d in 1966, is a 10-story high-rise public housing
apartment building with mostly senior and disabled residents (the building does not have a specified
target population). The Property was recently partially renovated in July of 2025. The partial renovations
included upgrades to some of the units’ windows a nd balconies, fire sprinkler system, and electrical
buildouts. Judiciary House is currently funded with Se ction 9 (Public Hosing) housing funds and receives
Annual Contributions Contracts (ACC) subsidy. The pr oposed Development plans to convert the public
housing units, funded under Section 9 of the United States Housing Act, to the Rental Assistance
Demonstration (RAD) units. This conversion will transform the funding source from the traditional public
housing subsidies to project-based Section 8 housing assistance, which provides more funding options for
repairs and improvements, as well as long-term subsidy contracts.
The Judiciary House development is centrally loca ted within Washington, DC within the Chinatown
Neighborhood, at 461 H Street NW. The entrance to the Subject site is located on the northern side of H
Street and the Subject site’s general area consists primarily of multifamily and retail uses to the west,
north, and east, and government uses to the south.

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In August of 2001, the District of Columbia transferred the site to DC Housing Authority (DCHA) following
the Housing Authority Act of 1994. Upon financial closing, DCHA plans to execute a 99-year ground lease
with the Borrowing entity, JH H Street Limited Part nership, for an annual payment amount of $1. In
addition to the ground lease, DCHA also plans to sell the building to the Borrowing entity for the purposes
of redeveloping the site. The terms of the proposed ground lease are 99 years, with a nominal fee. The
acquisition cost for this project su bject to the ground lease (Leasehold Interest) will be $27,900,000 and
will be capitalized in the form of a sellers note. Th e transfer of ownership from DCHA to CHP does not
trigger TOPA since DCHA not subject to TOPA.

ENVIRONMENTAL REPORT:
A Phase I environmental assessment report was completed by Dominion Due Diligence Group (D3G) on
April 14, 2026. The assessment was done in conforma nce with the Standard Practice for Environmental
Site Assessments: Phase I Environmental Site Proces s (ASTM standard E 1527-21). This assessment has
revealed no evidence of recognized environment al conditions (RECs), controlled recognized
environmental conditions (CRECs), or significant data gaps in connection with the subject property, except
for the following:
x A controlled recognized environmental condition in regard to the underground storage tank
listings (closed in place) associated with the Subject property.
o T h e S p o n s o r w a s a b l e t o r e c e i v e c o n f i r m a t i o n f r o m t h e D e p a r t m e n t o f E n e r g y a n d
Environment in September of 2025 that the UST was abandoned in place by
Environmental Design & Construction LLC in 1999. The tank was housed within concrete
vault. D3G recommends submitting the clos ure report to the District of Columbia
Environmental Health Administration for regulatory closure of the on-site
abandoned/closed in place UST. This is not a Vapor Encroachment Condition and no
controls vapor mitigation controls need to be completed. Soil in the vault is contaminated
but does not need to be remediated. The on ly control required is to be remediated
disturbed soils. The renovation plan does not include any foundational or structural work
that will disturb soils.
Additionally, the facility was cons tructed in 1966, during a time of asbestos-containing material (ACM)
usage; therefore, ACMs are suspected to be pres ent at the subject property. Presumed asbestos-
containing materials (PACMs) at the subject proper ty may include, but are not limited to insulation
materials, wall and ceiling materials, caulking material s, vinyl flooring and covebase materials, mastics,
ceramic tile and grout, ceiling tiles, and roofing ma terials. D3G did not inspect the subject property for
asbestos-containing materials.
D3G recommends conducting an asbestos screening at the subject property by an appropriately licensed
and/or certified inspector in accordance with local, state and federal regulations. Any identified and/or
presumed nonfriable ACMs be managed under a si te-specific Operations and Maintenance (O&M)
Program. In addition, compliance with 40 CFR 61 Subp art M is recommended prior to any renovation or
demolition activities at the Subject property.
The Sponsor, along with the gener al contractor, has budg eted $173,799 for the ab atement of asbestos
and LBP located within all units and common areas of the building.

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ZONING & ENTITLEMENTS:
The current zoning classification for the site is D-1-R, which requires the provision of high-density housing,
with a limited amount of commercial use only on or below the ground floor. The D-1-R zone has a
maximum building height of 90 feet, maximum floor area ratio of two, and a green area ratio of 0.3. The
existing building is consistent with the requirements of the D-1-R zone and is a conforming use under the
current zoning of the site.

RELOCATION
The Sponsors’ current plan is to relocate all resid ents to nearby properties while the renovation is
underway. The plan to relocate all residents off-site is driven by the fact that the current building’s
mechanical upgrades will impact the entire building and cannot be partially renovated in phases. The list
of potential sites for the residents to be relocated to is still being finalized by the Relocation Specialist.
Prior to relocating any residents, the Sponsor and Re location Specialist will me et with each resident,
discuss potential relocation options, walk the site of the proposed building, and get confirmation from the
resident that they are comfortable with their temporary units. There are currently 133 households on site,
all of which are seniors or disabled households, except for one. Of the 133 households, only one of them
have school-aged children and the Sponsors have confir med that the family is expected to be relocated
such that her child does not have to change schools. DCHA anticipates that relocation will last less than
12 months; however, should reloca tion extend beyond 12 months, th e 133 households will have the
option of choosing either a permanent relocation option or a temporary relocation option at other public
housing developments. The Sponsor has also confirme d that the relocation of residents will be in
conformance with the Unified Relocation Act (URA). DCHFA has received a draft Relocation Plan currently.
However, the final plan is not available and will be required prior to the project proceeding to Final Bond.
It is anticipated that relocation will occur after the issuance of the RAD Conversion Commitment (RCC).
For context, RAD Program rules proh ibit any permanent involuntary relo cation of residents because of
conversion. Residents can voluntarily and must formally give up the Right to Return. Residents must
remain lease compliant and will not be subject to any additional screening criteria (rescreening of income,
eligibility, criminal history, or credit) in order to return to a newly redeveloped unit. However, after
conversion, residents will be subject to any ongoing eligibility requirements. The RCC is expected to be
received by the Sponsor by the end of July. Given the proposed financing structure, the RCC must be
issued prior to the relocation of any tenants.

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Please see the proposed relocation timeline below.
Since this project is a substantial renovation, the project will not be required to relocate all residents prior
to financial closing because they will not need a raze permit.
Residents will have the option to return to Judiciary House post renovations or permanently be relocated
to other DCHA owned properties. Each of these options are detailed in the relocation plan attached here
(appendix 3). To date, the Sponsors have confirmed that the tenants will be income certified once the
project has finalized the anticipated closing date for the project.
The Sponsor is working with Nix Development Compan y (Nix), a relocation specialist, to undergo the
relocation process of the existing tenants. Nix is a 100% minority-owned real estate development, move
management, and relocation firm with over 25 ye ars of experience working with public housing
authorities, real estate development companies, bu ilt environment firms, the federal government, state
and local government, non-profit organization s, community-based organizations, and Fortune 500
companies.
Nix does every aspect of relocation and moving logi stics services allows us to provide the Owner with a
seamless end-to-end process. This includes one- way moves, two-way moves, on-site moves, off-site
moves, and end-to-end coordination with all stak eholders, including housing authorities, property
managers, residents, general contractors, and development partners. Nix have successfully designed and
executed complex relocation programs for multiphase redevelopment projects financed with Low Income
Housing Tax Credits and owned by District of Colu mbia Housing Authority; Butler (Ohio) Metropolitan
Housing Authority; Cleveland Housing Authority, Te nnessee; Rockville Housing Enterprises (Maryland);
and York Housing Authority (Pennsylvania). Nix has completed the relocation process for multiple
apartment buildings in Washington, D.C. including Brookland Manor (550-units), Concord Apartment (88-
units), Valencia Apartments (88-units), and Vizcaya Apartments (18-units).

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The Sponsor has budgeted $3,630,000 for relocation co sts. All relocation costs will be covered by the
Sponsor who has included the costs in the development budget accordingly.
Please see the itemized breakdown of the proposed relocation budget:

SCOPE OF WORK:
The scope of the Judiciary House Apartments proj ect is to renovate and upgrade the buildings
infrastructure, amenities, apartment units, parking lots, common areas and community engagement areas
throughout the building. The building will benefit fr om newly installed highly efficient boiler room
equipment, new horizontal sanitary mains, exterior balcony renovations, new windows & sliding balcony
doors, a new ADA compliant ramp at the garage level, in-unit renovations, and parking lot renovations.
Mechanical Improvements: Mechanical improvements include replacing the conduit and plumbing that
services the stacked fan coil units. A stacked fan coil unit is a small heating and cooling system inside an
apartment that uses a fan to blow air over hot or cold-water pipes to change the room’s temperature.
“Stacked” means each apartment has its own unit, but they are all lined up vertically and share the same
building water pipes. It lets each apartment control its temperature, but the building often decides when
the system provides heating or cooling. Additionally , the scope of renovations include replacing existing
electrical risers & panels, and replace existing plumbing risers, replace existing gas risers, replace existing
Fire Alarm (FA) risers, install new Fire Alarm (FA) de vices, install new sprinkle r service to cover entire
building, upgrade existing back-up electromagnetic (E M) Generator, and relocate the EM Generator to
reduce energy consumption.
In-Unit Renovations: The in-unit renovations scope is to in stall new water efficient fixtures in
kitchen/bathroom & water closets, upgrade kitchen cabinets, hardware & countertops, install walk-in
showers & new bathroom finishes & fixtures, install new energy efficient appliances in all units, install
wider doors throughout units, maximize living areas us able space by deleting and relocating partitions
and services, and revising the general flow of each un it type in order to optimize all of the units type’s
functionality.
Relocation Budget
Relocation Coordinator Fee 400,000
Packing and Moving Costs 520,000
Host Units ( On- & Off- Site) 1,900,000
Furniture Rental 50,000
Cleaning Fees 65,000
Utility Transfer Costs 40,000
Security (1person eve + 2 ppl day) 250,000
Supportive Services Suppl./Transport. 75,000
Contingency 10% 330,000
Tot al 3,630,000

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Common Area Renovations : The common/community area scope of the Development is to maximize
common area functionality by revising layouts to be come more open and inviting for community living,
adding amenity spaces and creating/revitalizing commu nity activity facilities. The vision consists of
developing and creating an inviting and warm 1 st floor lobby area with better functioning for Americans
with Disabilities Act (ADA) access accommodations and sitting area, a functional rooftop community
a c t i v i t y a r e a a n d a b a s e m e n t l e v e l c o m m u n i t y a c t i v i t y c e n t e r a r e a w i t h p o s s i b l e c a f é s t y l e a m e n i t i e s ,
functional restrooms and bright and inviting gathering multipurpose area.
Security Features: The security features will include limited access key fobs, unarmed security guards, and
both interior and exterior high-definition security cameras, and exterior and interior lighting at all
entrances, walkways, and parking areas. The security guards will be on-site 24 hours a day, seven days a
week. The Sponsor has decided to shift from DCHA police officers securing the site to a third-party security
team. The officers will be licensed in accordance wi th DC Security Officer regulations and will be trained
in de-escalation, emergency response, and building protocols. Officers will conduct routine patrols of all
residential floors, stairwells and elevators, and the below- grade garage. Security officers’ duty will be to
monitor the front desk and lobby areas, enforcing limited access controls, and documenting incidents and
coordinating with MPD when necessary.
Parking Offering: The development will also include both subsurface and surface parking for residents at
Judiciary House. The subsurface parking garage includes 27 parking spaces, of which two are for handicap
residents. The surface parking lot has an additional 24 parking spaces, of whic h three are reserved for
handicapped residents. Parking will be on a first come first served basis, and all residents will have access
to the parking garage via key fob entry.

MARKET DESCRIPTION:
A market study was provided by Baker Tilly for Ju diciary House dated February 2023. DCHFA will require
an updated market study dated within six months of closing prior to the project receiving Final Bond
approval.
Judiciary House is located in the Chinatown neighborh ood in Ward Two of Washington, DC. It is located
approximately 0.2 miles north of the Capital One Arena. The Project is located in close proximity to many
transit options. Gallery Place Metro Station gives residents access to the Metro’s Red, Green and Yellow
lines. The project has access to many bus routes which gives residents access to the Waterfront and
Downtown Silver Spring via Georgia Ave, crosstown busses which gives residents access to Capitol Heights
and a line which gives residents access to Rhode Island Ave and Anacostia Metro Stations. The Chinatown
neighborhood has many amenities which include: Sa feway grocery store, Walgreens, and national
landmarks. Located less than a mile away (0.1 mile s) from the Development is the Chinatown Service
Center, where the nonprofit staff will provide referral services for seniors on healthcare, public assistance,
housing, legal issues, immigration, and family matters.
The median household income for seniors in the pr imary market area (PMA) is $104,778 for seniors in
2022. Income growth is expe cted to increase over the next five years, by 4.4% to $144,230 in 2027. The
2010 US Census data indicated 98% of units occupied in the PMA were occupied by one to five people, a
likely indicator that the rental demand in the PMA is for efficiencies, one-, two- and three-bedroom units.
Additionally, 82% of the occupied units in the PMA were occupied by one or two people. The data suggests

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that existing and future multifamily rental units shou ld target a mix of about 98% efficiencies, one, two,
and three-bedroom units and existing and future senior rental units should target 92% for efficiencies,
one- and two-bedroom units.

VACANCY AND ABSORPTION:
Based on the February 2023 market study conducted by Baker Tilly, there appears to be adequate demand
for the Subject property to operate as an affordable LIHTC property following the proposed renovations.
Based on market study, the aggregate stabilized vaca n c y r a t e i n t h e P r i m a r y M a r k e t A r e a i s 2 . 8 % f o r
market rate properties, 3.1% for family Low Income Housing Tax Credit (LIHTC) properties, and 2.4% for
senior LIHTC properties. The comparables reported vac ancy rates ranging from 0% to 4.2% for senior
LIHTC properties in the PMA.
Currently in the District there are elevated collection loss rates, which may still be in effect when the
community is placed in service. Based on the November 2025 Cohn Reznick Affordable Housing Credit
Study, the average Debt Service Coverage Ratio (DSCR) for a LIHTC community in the District is 0.81x and
the average per unit cash flow is -$769 (owners are funding operations from their balance sheets due to
deficits). Additionally, in conversations with proper ty managers, vacancy and collection loss rates range
from 10% to 25%.
For the reported Primary Market Are (PMA), the market study projected a capture rate of 6.6% of income-
eligible renter households to fully occupy the building, a ssuming 75% retention of the existing tenants,
and 11.8% if all units were considered vacant. The resu lts of the penetration rate analysis indicate that
the PMA has a penetration rate of 68.3 percent (incl uding the subject property) indicating that the PMA
is not over saturated with income restricted senior housing. Based on the overall capture rate of 6.6%,
there are enough income-qualified renter households in the market area who could afford the Subject at
the proposed rents. The penetration rate is calculated as the number of rent restricted units divided by
the number of income eligible tenants. Given the current strength of the rental market within or near the
PMA, the number of units to be reintroduced into the market is likely acceptable.
The market study gathered absorption rate data from affordable properties located within one mile of
the Development. The absorption rate is ten units per month. The property is currently 50% occupied with
123 vacant units. Assuming 25% of the vacant units will be preleased (31 units), the property is anticipated
to reach stabilized occupancy within eight to nine months.
25% of the units pre-leased at the development’s opening, a nine to ten month lease-up period is expected
based upon a 93% stabilized occupancy rate. Overall, the Development will have sufficient competitive
market advantage and the maximum allowable LIHTC rents are achievable.

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APPRAISAL:
DCHFA underwriting staff has reviewed the appraisal prepared by Baker Tilly US, LLP (“Baker Tilly”) for the
Property, dated March 10th, 2023. The appraisal concludes an “As Complete and Stabilized” market value
of $62,100,000, assuming restricted rents. Additionally, the appraised “As-Is” value of the property is
$46,300,000. The As-Is land value of the Site is $18,400,000. The remaining “As-Is” value of $27,900,000
accounts for the value of the building. The appraisa l also concludes a “Complet e and Stabilized” market
value with unrestricted rents of $80,100,000. The pr ojected $41.9MM permanent loan and stabilized
restricted value of $62.1MM reflects a permanent loan-to-value (LTV) of 67%, which is within the
permanent lenders LTV requirements.

UNDERWRITING NOTES: UNIT MIX
Please see unit mix below:

Unit Type # of Units AVG Unit Size (SqFt)
Efficiency 119 436
1 BR 134 635
2 BR 3 800
Total 256 544

Please see affordability mix below:

% AMI # of Units % of Units
30% 135 53%
60% 121 47%
Total 256 100%

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INCOME:
Gross Potential Rent (Affordable Rent Revenue) : The MLNI Underwriting Staff has underwritten
GPR/Affordable Rent Revenue based on proposed rent s at stabilization. The prop erty will consist of 256
units, with 47% of the units set aside for households earning 60% of AMI or less and 53% of units set aside
for households earning 50% of AMI or less.
The public house units at the property are currently funded based on an existing funding agreement called
the Annual Contributions Contract (A CC). The public housing funding w ill be converted to Project Based
Voucher funding using the Rental Assistance Demonstration’s (RAD) Construction Blend. The ACC contract
will be replaced by a project-based voucher Housing Assistance Payment (HAP) contract in the process.
The contract rents on the HAP contract will represent a combination of the HUD calculated RAD rent rate
and the standard voucher rent amount for the PHA for a “blended” contract rent. Under the Section 18
program the contract will have a minimum term of two 20-year terms.
The RAD Blend HAP contract rents are a more stable source of project revenue than the ACC funding as
the HAP contracts are not subject to annual appropriations and are annually increased by HUD’s published
Annual Cost Adjustment Factor (OCAF). Additionally, the DCHA is allowed to earn a voucher administrative
fee for the project-based vouchers to support internal operations.
The Sponsor is in the process of providing HUD with the necessary project diligence to receive a RAD
Commitment to Convert (RCC) which signals the project has met all the RAD program criteria. The Sponsor
expects to receive it by the end of June.
Given the initial Commitment to Enter Into a HAP Co ntract (CHAP) was awarded in June of 2021, the
Contract Rents included in Exhibit A of the CHAP Amendment for the subject project are based on Fiscal
Year 2020 Federal Appropriations an d assumptions regarding applicable rent caps and Operating Cost
Adjustment Factors (OCAF) and are subject to change . Rents were initially se t at the in place Annual
Contributions Contract (ACC) with funding from the DCHA Operating Fund and Capital Fund. As HUD
updates the RAD rental schedule from time to time a nd DCHA is only required to select new rents when
they are more beneficial to the project, otherwise th e rents in the CHAP Exhibit A are the floor rent for
the project. DCHFA has underwritten the rents to the rent limits outlined in Exhibit A of the CHAP
agreement, which has been increased based on the relevant OCAF Factor. Given the complexity of the
RAD process, supporting materials have been included in exhibit five for reference.

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The table below illustrates the stabilized rents at the property:
Unit Type %
AMI
Market/ Subsidy
Assumption Accessibility # of
Units
Unit Size
(Sq. Ft)
Rent/Wtd
Avg.
Utility
Allowance
Net
Underwriting
Rents / Wtd
Avg. Affordable
Efficiency 30% Affordable PBV 26 436 $2,130 $ - $2,130
1 BR 30% Affordable PBV 83 635 $2,262 $ - $2,262
1 BR 30% Affordable PBV UFAS 24 635 $2,262 $ - $2,262
2 BR 30% Affordable PBV 1 800 $2,545 $ - $2,545
2 BR 30% Affordable PBV UFAS 1 800 $2,545 $ - $2,545
Efficiency 60% Affordable PBV 93 436 $2,130 $ - $2,130
1 BR 60% Affordable PBV 24 635 $2,262 $ - $2,262
1 BR 60% Affordable PBV UFAS 3 635 $2,262 $ - $2,262
2 BR 60% Affordable PBV UFAS 1 800 $2,545 $ - $2,545
Total/Avg 256 544 $2,204 $ - $2,204 Affordable

NET OPERATING INCOME:
The MLNI Staff has underwritten the property’s NOI to $3,367,288 which supports a permanent mortgage
of $41,925,000 with an amortizing DSCR of 1.15x in Year 1.
Vacancy: The MLNI Staff has underwritten the property va cancy to 7.0% (3% vacancy and 4% collection
loss).
Effective Gross Income (EGI): The EGI has been un derwritten to $6,325,187 or $24,708/unit. The
developer has assumed an increase in LIHTC rents at a rate of 2% per year.

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EXPENSES:
Total expenses are underwritten to $2,957,898 or $11,554/unit including reserves, trustee fees, and LIHTC
monitoring fees (less bad debt), and $12,257/unit with bad debt, less reserves and fees.
Below are expense comps provided by DC Housing Finance Agency’s Portfolio Asset Management Staff:

The DHCFA Portfolio & Asset Management (PAM) st aff provided operating expense comparables for
analysis. The properties analyzed ar e similar to the Subject in age or date of recent renovation, income
restrictions, tenant-paid utilities, and property type (high-rise). One of the three comparables is between
250 - 275 units, similar to the subject property, with the other two comparable consisting of 153 and 152
units. The annual, per unit operating expenses (before reserves, trustee fees, and LIHTC monitoring fees)
for the comparable set range from $10,566 to $15,11 7. However, given the proposed development will
be tax exempt, the comparables were adjusted to re move property taxes and allow for an apples-to-
apples comparison. After adjustments, the compara ble properties expenses ranged from $11,646 to
$12,973. The projected per unit operating expense of $12,257/unit/year for the subject property is within
the range of the comparable properties.
When expenses are analyzed by category, the projected, per unit “Operating and Maintenance” expenses
for the subject is $1,400 higher than the average of the three comparabl es. This difference in Operating
and Maintenance costs is likely due to the security budget that is proposed for the Development. The
Property Name Judiciary House Wah Luck House
Wardman Court (Clifton
Terrace)
The Yards Parcel L2 (The
Estate)
Audit Year 0 N.A. 2019 2024
Year Built N/A 1982 1918 2019
Building Type High-Rise | 10 Floors High Rise 10 Floors High Rise 7 Floors High Rise
Number of Units 256 153 152 264
AMI
100% @ 80% AMI - 30% AMI Resident ial Families
99% at 60% AMI
1% Non-Revenue Unit
Seniors, Residential Families 100
@ 60% or less
Residential Families
20% at 50% AMI
80% at Market Rate
EGI 6,596,009 $ $5,202,839 2,549,885 $ 10,048,458 $
Occupancy 0% 100% 98% 98%
Risk Share or Private Placement Private Placement Non-Risk Share Non-Risk Share Non-Risk Share
Real Estate Tax Status Exempt Non-Exempt Non-Exempt Non-Exempt
Ward 216
Operating Expenses
Administrative 1,207,699 $ 452,210 $ 757,789 $ 1,538,862 $
Operating and Maintenance 1,110,618 513,332 478,286 606,540
Utilities 610,224 489,580 486,164 772,676
Tax, Insurance, & License 209,000 161,498 397,339 1,072,885
Total 3,137,541 $ 1,616,620 $ 2,119,578 $ 3,990,963 $
Per Unit Per Annum
Administration 4,719 2,956 4,985 5,829
Maintenance 4,338 3,355 3,147 2,298
Utilities 2,384 3,200 3,198 2,927
Tax, Insurance, & License 816 1,056 2,614 4,064
Total 12,257 $ 10,566 $ 13,945 $ 15,117 $
Expense/Income Ratio 48% 31% 83% 40%
Distance Subject 0.1 Miles 2.1 Miles 2.5 Miles
DSCR 1.15 1.33 1.09 2.12
Tenants Services
Real Estate Taxes - 147,463 916,405
Total Adjustments (Real Estate Taxes) 1,616,620 1,972,115 3,074,558
Total Expenses after adjustment 10,566.14 12,974.44 11,646.05
Total Expense (per unit) 12,257$ 10,566$ 12,974$ 11,646$

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Property will be staffed with one (1) Property Ma nager, one (1) Assistant Property Manager, one (1)
Leasing Coordinator, one (1) Service Manager, and three (3) Maintenance Technicians.

CLOSING TIMELINE

REGULATORY REQUIREMENTS:
Regulatory Use Restriction
In accordance with IRS Section 142 requirements fo r tax exempt bonds, the Sponsor has elected to set
aside a minimum of 40 percent of the units for households with incomes at or below 60 percent of AMI.
Pursuant to IRS Section 42 requirements for tax credits and to maximize tax credit equity, the Sponsor has
elected to set aside 100 percent of the units at or below 60 percent of AMI for 15 years following the year
the Project is placed in service. The tax-exempt bonds qualified project period will be reflected in the Tax
Regulatory Agreement between DCHFA and the Sponsor. The 15-year tax credit compliance period and
the 25-year extended use period will be reflected in the Indenture of Restrictive Covenants for Low
Income Housing Tax Credits between DHCD and the Sponsor.
Minority and Local Business Entities’ Participation
The borrower will be required by the Tax Regulatory Agreement to comply with all District and federal
laws concerning contracting and procurement, includ ing the Small, Local, and Disadvantaged Business
Enterprise Development and Assistance Act of 2005, as amended (DC Code § 2-218.01 et seq.), the
Workforce Intermediary Establishment and Reform of First Source Amendment Act of 2011, as amended
(DC Code § 2-219.01 et seq. (First Source Act)), D. C. Law 2-156, Section 5 (Apprenticeship Program), and
will execute a First Source Employment Agreement (First Source) with the District of Columbia
Department of Employment Services (DOES) and a subcontracting agreement with the Department of
Closing Timeline
DCHFA Initial Credit Approval/Review 04/28/2026
TEFRA Hearing TBD
Stage III Application Submitted TBD
TEFRA Mayoral Approval TBD
Completion of third-party reports TBD
Construction Contract Finalized TBD
Lender Approvals TBD
Investor Approval TBD
Permits TBD
DCHFA Board Meeting Final Bond Approval TBD
Close 08/15/2026 (Projected)

30

Small and Local Business Development. District Government contracts exceeding $250,000 require a 35
percent subcontract agreement set-aside with small businesses certified under the CBE Program.
Green Building Requirements
The Sponsor will be required to fulfill the requirements of the Green Building Act. It is anticipated that the
Project will design the project to meet Enterprise Green Communities 2020 Green Building Standards.
The Project received its permits (B2402428) on April 1 st, 2025. As part of the permitting process, the
Department of Building’s (DOB) Green Building Division or approved third party conducted a Green
Review for projects over 10,000 square feet. The Green Review ensures compliance with District’s Energy
Conservation Code and Green Building Act or Green Construction Code.
Inclusionary Zoning
In July 2010, the District of Columbia Zoning Comm ission approved emergenc y amendments specifying
that projects with the following characteristics wi ll be exempt from the incl usionary zoning (“IZ”)
regulations:
x At least 80% of units must be affordable.
x Rent and sale prices must not be above maximum limits for the affordability program.
x Units must remain affordable for at least 30 years.
x A Covenant for affordability must be recorded against the properties.
Based on the above standards, the Project is exempt from IZ regulations during the 30-year period that
the DHCD LIHTC Indenture of Restrictive Covenants is enforced. However, an IZ covenant must still be
recorded. The IZ covenant will be subordinate to DCHFA and DHCD’s covenants while they are active and
will only take effect when the two covenants expire.

SUMMARY/CONCLUSION/RECOMMENDATION:
Having reviewed the Development’s budget, planned financing and operating projections, the transaction
appears to be feasible. The development consists of one high-rise apartment buildings and a total of 256
units. It is planned that 100% of units will be set asid e for residents making of 30% or 60% AMI or below.
The development will provide improved, affordable ho using to a submarket in which affordable LIHTC
properties are experiencing very low physical vaca ncy rates; evidence of a need for the proposed
affordable housing units. The Multifamily and Neighborhood Investment underwriting staff recommends
that the Board authorizes initial credit approval of bonds in an amount not to exceed $38,880,000 to
finance a portion of the costs to build the proposed development.

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JUDICIARY HOUSE – PROJECT INFORMATION SHEET
I t e m F a c t s
Project Type: Substantial Rehabilitation
Project Name: Judiciary House
Location: 461 H Street NW
Ward: Two (2)
Tax Exempt Bond Amount: Not to exceed $38,880,000
Credit Enhancement: Public Offering
Total Acquisition Costs/Unit: $27,900,000 or $108,984 per unit (Total Acquisition Costs)
Construction, Site work Costs/Unit: $57,508,192 or $224,641 per unit
Total Development Cost/Unit: $128,726,109 or $502,836 per unit
Evidence of Site Control: Special Warranty Deed
Mortgagor/Sponsor: Capito l Housing Partners, LLC
General Contractor: FSC D&C LLC
Architect of Record: Studio Twenty-Seven
Management Agent: Residential One
Sponsor’s Attorney: TBD
# O f B u i l d i n g s : O n e ( 1 )
# O f U n i t s : 2 5 6
# Of Parking Spaces: 51 (Surface and Below Grade)
Current Zoning: D-1-R
Census Tract/DDA: 59/Yes
Land Size: 0.64 (Acres)
Building Size: 177,946 sf

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APPENDIX
1. DCHFA Underwriting Model
2. Judiciary House Construction Comparables
3. Acquisition Comparables
4. Relocation Plan
5. RAD Resource Information from HUD
6. RAD Financial Structuring Presentation