86 new affordable homes in Washington, DC.
WASHINGTON, Aug. 2, 2022 /PRNewswire-PRWeb/ -- Mayor Muriel Bowser joined representatives of The Warrenton Group (TWG), the Washington Metropolitan CDC (WMCDC) and NHPF along with financing partners - Enterprise Community Partners, Citibank, Jones Lang Lasalle, the District of Columbia Office of the Deputy Mayor for Planning and Economic Development (DMPED), the DC Housing Authority (DCHA), and the DC Housing Finance Agency (DCHFA) – today for the ribbon-cutting of The Strand Residences, an affordable housing development with 86 one-and two-bedroom affordable apartments in the Deanwood neighborhood of Washington, D.C.
DMPED invested $15.6M of financing from the District's New Communities Initiative, DCHFA allocated $21.7M of tax-exempt bonds to support the project, and DCHA contributed operating subsidies for 28 units through its Local Rent Supplement Program (LRSP). As well, the tax-exempt bond allocation provided an allocation of 4% Low-Income Housing Tax Credits that helped attract a $14.3M equity investment from Enterprise Community Partners.
In addition to the 86 units, the Residences feature a large multi-purpose room, exercise room and the first floor includes retail space for a neighborhood non-profit and a community-based retailer. Importantly, the building includes space for on-site services provided by NHPF's Resident Services subsidiary, Operation Pathways. Operation Pathways, NHPF's Resident Services subsidiary, transforms affordable housing communities through customized onsite programs and coaching where residents partner with service practitioners to gain skills, overcome obstacles, and live well.
"The Strand Residences are going to give more Washingtonians in Ward 7 the fair shot they deserve – both through high-quality housing as well as important on-site services and support that will help residents realize their goals," said Mayor Bowser. "We are grateful for all the teams and community members who came together to make this project possible and who are committed to investing in and uplifting our community."
The Residences is next to the Strand Theater, a storied local landmark that the Development Team plans to convert into a new restaurant.
"Celebrating the completion of this new affordable housing construction is the culmination of a combination of thoughtful investment, outstanding partner relations and sheer can-do attitude," said NHPF CEO Richard Burns. "Nothing illustrates NHPF's mission more impactfully than bringing a dynamic new development of permanently affordable rental units and retail space to this emerging Deanwood neighborhood. I congratulate our partners on this milestone."
PGN Architects is the architect of record, WCS Construction is the general contractor, and WCS Property Management is the property manager. The Development Team is committed to spending at least 35% of the project's funds on products and services provided by Certified Business Enterprises.
Additionally, the Strand Residences development was recently awarded Enterprise Green Communities certification. Enterprise Green Communities is the country's only national green building certification program designed explicitly for the affordable housing sector.
As a brownfield, the site's contaminated dirt and groundwater prevented redevelopment for decades. The sponsors took the project through District's Voluntary Clean-Up to ensure complete remediation of contaminates and was awarded NHPF's first certification in the DC area.
Now complete, the Residences include 71 one-bedroom apartments and 15 two-bedroom units. The building is 100% leased up. Twenty-eight families relocated from the nearby Lincoln Heights and Richardson Dwellings properties in support of DCHA's efforts to revitalize those communities.
Finally, Leshada Stewart, a single mother with a 6-month old baby who had been waiting to move into her apartment for almost a year, said "I thought, at times, it might never happen and then I saw my beautiful unit and was just overjoyed. I can't stop running around and thanking God for this great moment. "
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and costs management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
About The Warrenton Group
Since its inception in 1997, The Warrenton Group is an innovator in developing quality mixed-income housing and market-use developments, while creating substantial value for the people and the neighborhoods in which it works. TWG is a full-service development firm that works from conception to completion. It handles development, investment, construction and management with creativity that leads the industry. TWG is responsible for more than $1 billion in development, construction and investment, and has acquired, built or preserved more than 3,000 high-quality residential units and 300,000+ sf of commercial space throughout the DC metropolitan region.
About Washington Metropolitan CDC
The Washington Metropolitan Community Development Corporation is a community-based, non-profit economic development corporation working primarily in Washington, DC's Deanwood neighborhood. Through its systematic and sustainable community development efforts, it aims to help low-income people realize their dreams of living in a vibrant, affordable community.
marijane funess, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation