Revitalizing Ward 8
Emerging Developers Champion Affordable Housing Preservation
Written by Jasmine S. Williams
June 2024
Real estate developers Khash Bayani and Navid Rahimi secured a $940,000 loan from CFE for their affordable housing project in Ward 8. This endeavor showcases their broader commitment to tackling the affordable housing challenge in the District reflecting both their expertise as developers and their commitment to the community.
When real estate development duo Khash Bayani and Navid Rahimi went looking for their next project, they were bringing an impressive track record: nearly three decades of combined experience and over $197 million worth of properties developed throughout their careers. Building on their wealth of knowledge about commercial real estate, their new goal was to develop an affordable housing project.
City First Enterprises recognized Bayani and Rahimi’s readiness to pivot into affordable housing development – and their alignment with our shared mission. With our loan of $940,000, they were able to refinance and renovate an apartment building located in Ward 8, allowing them the needed liquidity to reinvest in other affordable housing projects. Together, we’re preserving six affordable multi-family apartment units for very low-income households through the DC Housing Choice Voucher Program.
CFE is also leveraging its federal Capital Magnet Fund (CMF) award to support this project. This CMF funding was awarded to CFE to finance affordable housing solutions that benefit low-income individuals and families, with a particular focus on very low-income households, those earning 50% of the Area Median Income and below – a perfect match for this project!
“This transaction reaffirms CFE’s commitment to support affordable housing projects and affordable housing developers in the Washington area,” said Jorge Zambrano, CFE’s commercial lending team lead. For developers Rahimi and Bayani, this project is indicative of the mission-driven projects they plan to continue pursuing in the future, committing to not only meeting but exceeding their social responsibility goals.
To learn more about our affordable housing financing, visit here.
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About City First Enterprises:
City First Enterprises is a certified CDFI (Community Development Financial Institution) specializing in flexible lending for affordable housing, commercial real estate, small businesses, non-profits, and clean energy projects. With a mission to create equitable financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all people and communities transform their futures through equitable access to capital.
