Mayor Adrian Fenty Celebrates Renovation of Ontario Court Apartments and
Grand Opening of Jubilee JumpStart Early Childhood Development Center in Adams Morgan
New Markets Tax Credit Program Preserves 27 Affordable Homes and Creates Educational Opportunities for the Next Generation
Washington, D.C. – (April 23, 2009) Mayor Adrian Fenty and D.C. Councilman Jim Graham joined local families today in the Adams Morgan neighborhood in northwest Washington, D.C. to celebrate the newly renovated Ontario Court Apartments and the grand opening of the Jubilee JumpStart Early Childhood Development Center. The $9 million redevelopment is the result of a public-private partnership with the federal New Markets Tax Credit (NMTC) program, the District of Columbia Department of Housing and Community Development (DHCD), Jubilee Housing, Jubilee JumpStart, PNC Bank and Enterprise Community Investment, Inc. (Enterprise).
The 85-year-old Ontario Court Apartments continues to provide affordable housing, and now quality childcare, in the heart of the city during challenging economic times. The redevelopment included the rehabilitation of 27 homes, including new plumbing and electrical systems, installation of air conditioning, new carpeting, updated kitchens and bathrooms, and a new laundry facility on the building’s ground level. The new 4,000 square foot Jubilee JumpStart Early Childhood Development Center will provide high quality child care and education for up to 50 children between the ages of six weeks through four years, and parent support and education. The center will primarily serve low-income families living in Jubilee Housing-owned buildings or the surrounding community, and will phase in night or weekend childcare to meet the needs of working parents who are employed during evening hours.
“The District does not just talk about affordable housing ─ it provides funding to back it up,” said Mayor Fenty. “We are proud to have contributed financially to the successful renovation of Ontario Court Apartments and excited for the families that will benefit from the Jubilee JumpStart Early Childhood Development Center.”
The New Markets Tax Credit program, administered by the Community Development Financial Institutions Fund under the U.S. Department of the Treasury, is designed to bring private capital to underserved communities. Using a $9.4 million NMTC allocation, Ontario Court was financed with $8.6 million in NMTC enhanced loans from Enterprise, which leveraged a $2.8 million NMTC enhanced investment from PNC New Markets Investment Partners; a $2.9 million loan from PNC Bank; and a $3.4 million loan from DHCD’s Housing Production Trust Fund. The remaining funding was provided by Jubilee Housing.
“Ontario Court Apartments is Enterprise’s first New Markets Tax Credit deal in the District, and we are very proud to be a partner with our long-term friend Jubilee Housing in support of their community efforts,” said Joe Wesolowski, senior vice president, Structured Finance, Enterprise Community Investment, Inc. “The NMTC program, with support from the city and local partners, is a vital component in creating community facilities and commercial centers that may not otherwise be built.”
Purchased by Jubilee Housing in 1980, Ontario Court Apartments features six one-bedroom apartments, 18 two-bedroom apartments and three three-bedroom apartments for low- to moderate-income families earning up to 80 percent of area median income (AMI), with more than half of all of the apartments designated for families earning 30 percent or less of AMI.
“We are thrilled for the opening of Ontario Court Apartments and the Jubilee JumpStart program,” said Jim Knight, president and executive director, Jubilee Housing. “The innovative financing, the high quality renovations, the opportunities for families and young children for years to come — it is a good day for our community. We are grateful to our partners and excited for the future.”
“Jubilee JumpStart can't wait to open our doors and embrace the children and families we will serve. We are grateful to play an important role in the creative financing that made the renovation of the Ontario Court building possible,” said Jessica Panfil, executive director, Jubilee JumpStart.
“It is imperative that workers have peace of mind in knowing that their children are being well-nurtured, supported and educated in a quality early childhood program while they are at work,” said PNC Bank Regional President Michael N. Harreld. “We are pleased to have been a part of the innovative funding that has made Ontario Court and its high quality child care facility a reality.”
As one of the largest recipients in the NMTC program, Enterprise has used its $515 million in allocations to catalyze more than $3 billion in commercial and mixed-use development in urban centers and rural communities in 18 states and the District, resulting in six million square feet of new or rehabilitated real estate, 10,000 permanent jobs and more than 3,500 housing units.
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