Channing Phillips Homes

Channing Phillips Homes is a 56 unit family affordable community located in Washington DC. Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $7,779,600 at a fixed interest rate with a 40-year term. The District of Columbia Housing Finance Agency (DCHFA) issued tax exempt bonds in the amount of $11,500,000. Equity of approximately $5,370,300 was provided through the sale of 4% low income housing tax credits. The Government of the District of Columbia provided $445,000 for predevelopment cost through the Neighborhood Investment Fund (NIF).