Ritch Homes
LOCATION
Washington, D.C.
UNITS
46
ACQUIRED
2020
ASSET TYPE
LIHTC / Section 8
PROPERTY TYPE
2 low-rise buildings
Community Spotlight
Located just one block away from the 14th Street Corridor, one of D.C.’s busiest and trendiest spots to live, Ritch Homes is in a prime location, with rapidly rising rents, making the need for affordable housing in this area even more important. As part of an extensive tenant in place renovation, Standard Communities added 4 units to the site, all of which are handicap accessible, bringing the total number of units to 46, also preserving and extending the community’s affordability for the next 30 years.
The Challenge
Prior to Standard Communities’ acquisition of the property in late 2020, the community was on the brink of losing its affordability, giving Standard the opportunity to protect and expand the affordability of the community. In addition, the community lacked any notable amenities and none of the apartments were handicap accessible or ADA compliant.
In Washington, D.C., under the District of Columbia’s Tenant Opportunity to Purchase Act (“TOPA”), residents have the right of first refusal to purchase their building when the existing owner contracts to sell the building to another. The residents at Ritch Homes formed a Tenant Association and after reviewing several competitive proposals, chose to partner with Standard Communities and Housing on Merit, to acquire, renovate, and preserve their community as quality affordable housing for the foreseeable future. Our partnership with the residents at Ritch Homes was our second such partnership in D.C. We value working together with residents, to give them a voice and stake in their community, to work collaboratively to develop a vision that is both financially viable and supportive of the specific needs in their community.
The Game Plan
While Ritch Homes maintained a certain level of upkeep, it needed a big push to bring it into the 21st century. At the end of 2021, Standard completed a comprehensive $185,000+ per unit renovation that added four additional affordable units, modernized building systems with energy efficient upgrades, relocated the leasing office and added resident storage, a business center with computer lab, community room, and fitness center.
Each unit was repainted, new kitchen cabinets, countertops, appliances, sinks, and faucets were added, and flooring was replaced. Common area lighting, security systems, and solar panel systems were added as well as accessible elements to the four ADA compliant units.
The Outcome
Ritch Homes is now a vibrant, modern home to nearly 100 residents and helps Washington, D.C. expand and preserve much needed affordable housing.
Efforts were focused on resident communications, identifying potential issues in advance, and proactively implementing the most efficient and effective solutions. This proactive communication system allowed Standard Communities to complete the renovations with tenants-in-place and tailor the design of the spaces to meet the specific needs of property residents.
