Meeting a Need for Affordable Housing!
Seabury Resources for Aging® recently closed on a refinancing loan for Friendship Terrace, its 180-unit affordable senior living apartment community located in Tenleytown. This refinancing assures the long-term viability of Friendship Terrace, which has filled the void of affordable housing for seniors in Ward 3 since 1970.
Funds made available through refinancing allow for building repairs and modernization, including a new roof with solar panels, and efficient mechanical systems. A food subsidy trust will also be established to reduce the cost of meals to eligible residents as a part of a food insecurity mitigation strategy.
Seabury worked with the U.S. Department of Housing and Urban Development (HUD) and the DC Housing Authority to structure the $16 million refinancing, which includes securing 125 new project-based vouchers for the Friendship Terrace community. This brings the total number of vouchers available for low-income seniors to 165 units and ensures Friendship Terrace residents residing in vouchered units will not pay more than 30 percent of their income for rent.