on Dec 01, 2023
HR&A Advisors Supports Amazon’s Housing Equity Fund to Underwrite a $22.5M transaction for 80 Affordable Homes at Howard University
Rendering: Urban Investment Partners
HR&A Advisors is pleased to announce the closing of $22.5 million in acquisition financing through the Amazon Housing Equity Fund (HEF) for the creation of 80 affordable homes at Howard Manor. Howard Manor is a historic building located on Howard University’s campus in Washington, DC. Howard University, in partnership with Provident Resources Group Inc. (PRG), is acquiring the building and, with the support of the Amazon Housing Equity Fund, converting the entire residential portion to affordable housing.
HR&A worked with Amazon, Howard University, and PRG to underwrite and close the transaction on behalf of the Amazon HEF. 100% of the homes will be affordable to households making 60% of area median income and will remain affordable, through rent restrictions, for 99 years. This project is part of a larger commitment from Howard University in 2017 to utilize best efforts to create 50 – 100 affordable units near its main campus. Howard Manor will immediately fulfill the University’s 2017 commitment at closing.
The Amazon Housing Equity Fund is providing more than $2 billion to preserve and create over 20,000 affordable homes in Amazon’s home communities of Washington State’s Puget Sound region; the Washington, DC area/Arlington, VA; and Nashville, TN. Since its launch in 2021, the Amazon Housing Equity Fund has committed more than $1.8 billion to create or preserve more than 14,400 affordable homes for renters across the company’s hometown communities, including more than $1 billion to create or preserve more than 7,500 affordable homes for renters and homeowners in the Washington DC, Maryland, and Virginia region.
HR&A works with Amazon as a credit underwriter for transactions in the Washington DC Metro Area and Nashville.