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Rift Valley Capital says Chevy Chase campus needs $40M in gap funding, seeks access to workforce-housing abatement
Summary
Developers of the Chevy Chase Library and Community Center redevelopment told the committee their selected proposal includes library and community center replacements plus ~177 housing units but carries a roughly $40 million financing gap; they asked for upfront gap funding and access to the proposed workforce housing tax abatement to close the deal and begin construction in 2027–2029.
Rift Valley Capital representatives told the committee their Chevy Chase Community Center and Library redevelopment combines modern public amenities with approximately 177 units of mixed-income housing, ground-floor retail and underground parking but faces a significant funding shortfall.
"We have been transparent... that it carries a significant funding gap of approximately $40,000,000 in order to develop the housing, retail, library, and community center at the quality and scale the district expects," Eric Kitslassi said. The witnesses said the District currently accounts for library and community center development costs in other agencies' budgets but that lenders evaluating the full project need a direct upfront commitment of gap funding to make private financing feasible. Both Kitslassi and co-founder Stefan Roediger asked the council to facilitate gap financing and to ensure access to the proposed workforce housing opportunity tax abatement, which they said would reduce the financing gap and help close the deal.
Council members probed where the project sits in negotiations with the Deputy Mayor's office and what the developer expects next. Kitslassi said the Land Disposition and Development Agreement (LDDA) process is on schedule and that the builder is seeking capital commitments, vouchers and tax tools to unlock the private debt needed to bridge the $40M gap. DEMPd staff said they were studying proposals, planned meetings with the Ward 3 office and hoped a council package could be available for review before recess to allow community comment prior to any roll call decision.
