Wah Luck House Apartments

On December 21, 2017, Wah Luck House Preservation LLC (the “LLC” or “Owner”) acquired the leasehold interest in Wah Luck  House Apartments from Washington Chinatown Associates Limited Partnership (the “Seller”). In conjunction with the acquisition, the LLC elected to complete a low‐income housing tax credit (“LIHTC”) redevelopment. The financing sources used to the complete  the acquisition rehab includes 4% LIHTCs acquired by Wells Fargo Affordable Housing Community Development Corporation, tax‐exempt bonds issued by the District of Columbia Housing Finance Agency (“DCHFA”) and 4% LIHTCs allocated by the District of  Columbia Department of Housing and Community Development (“DHCD”), a permanent mortgage loan from Greystone Servicing Corporation, Inc. Overall, these funding sources will complete a recapitalization of the Property and allow for approximately $7.96MM of redevelopment hard costs. 

Summary Rehab: Scope of Work

• Replace roof and restore masonry primarily at ground level
• Replace windows, balcony doors, PTAC louvers, and paint  exterior
• Renovate management office/security room area
• Add doctors’ clinic and business center, expand community  restrooms
• Replace dwelling unit flooring (carpet and vinyl)
• Replace bi‐fold closet doors w/ swing doors or heavy duty  bypass
• Replace PTAC and duct kit, and clean PTAC drain  Replace Trash Compactor
• Renovate unit kitchens, bathrooms, and bedrooms 
• Replace common plumbing and mechanical equipment