Standard’s Acquisition and Rehabilitation of Fort Chaplin Park Apartments Was the Largest Tax-Exempt Bond and LIHTC-Financed Transaction in Washington, D.C. History

Washington, D.C., October 20, 2020 – Zavos Architecture + Design’s work at Fort Chaplin Park Apartments, a Washington, D.C. affordable housing community recently revitalized by Standard Communities, received the Excellence Award for Best Multifamily Remodel from the Frederick County Building Industry Association (FCBIA).

Praised by Mayor Bowser and Congresswoman Eleanor Holmes Norton, Standard Communities acquisition and rehabilitation of Fort Chaplin Park Apartments was the largest tax-exempt bond and Low Income Housing Tax Credit financed preservation of affordable housing transaction in Washington, D.C. history.

As part of the efforts to preserve the property as affordable housing for the long-term, the Standard Communities-led team completed a comprehensive, tenant-in-place renovation that upgraded unit interiors, modernized building systems, and added a 5,000 square foot LEED certified Community Center that offers extensive amenities and recreational space. The Community Center serves as a hub for a full suite of services and programming for residents of all ages, with a focus on academic excellence, health and wellness, employment and financial stability, and growth and empowerment.

In addition to completing a significant renovation, Standard expanded the affordability of the 549-unit community and ensured that it remains affordable for at least the next 30 years. Prior to Standard’s involvement, approximately 30% of residents lacked affordable protections. Now, 100% of the community is committed affordable housing, including 72 households that now benefit from federal rent subsidies.

Fort Chaplin Park Apartments also received the Charles L. Edson Tax Credit Excellence Award in the Preservation Category by the Affordable Housing Tax Credit Coalition. The Edson Awards recognize outstanding Low Income Housing Tax Credit developments across the nation at the forefront of creating strong, healthier communities.

Standard’s portfolio includes approximately 9,000 affordable housing units, including more than 1,700 units in Maryland, Virginia, and Washington, D.C. Standard recently announced that Matt Sislen joined the firm to oversee its continued growth on the East Coast.

Founded in 1959, Frederick County Building Industry Association is a professional trade organization that represents home builders, commercial builders, developers, remodelers, and other related professionals. FCBIA's Awards of Excellence honors those professionals who make major contributions to the residential home building and commercial construction industry in Frederick and the surrounding area.

Founded in 2008, Los Angeles and New York based Standard Communities is the affordable housing division of Standard Companies, a full-service investment and asset management firm that operates in sectors where it has developed expertise. Standard Communities works to create, preserve, and improve affordable and workforce housing nationwide. Standard Companies has a portfolio of over 12,600 apartment units, including more than 9,000 affordable units, and has completed more than $2.1 billion of affordable housing acquisitions and rehabilitations nationwide. These transactions include the largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.