Notes from David Bowers
A brighter, greener future for low- and moderate-income families in D.C. That's what we strive to achieve, working side-by-side with you every day. This month, you'll read about our successes, and more than 200 sustainable affordable homes made possible by our shared goals and efforts.
On behalf of the Enterprise team here in Washington, D.C., I thank you for your support, and hope you enjoy reading the latest issue of the D.C. Metro Report.
Sheridan Station Redevelopment Brings Big Changes to Ward 8
Along the Suitland Parkway and just two blocks from the Anacostia Metro station in Southeast Washington, D.C., sits a large swath of empty land. Formerly home to the Sheridan Terrace public housing complex, the land has sat vacant since 1997 when the buildings were demolished.On May 10, a groundbreaking ceremony for the new Sheridan Station residential development marked the start of a four-phase rehabilitation by the William C. Smith Company that will bring high-quality affordable homes to the area. Once complete, Sheridan station will offer 104 green apartments in a mid-rise apartment building and 10 manor flats. The community will also include a 5,400-square-foot community health clinic and wellness center operated by Core Health.
With a $75,000 green grant provided by Enterprise, Sheridan Station will incorporate numerous energy-saving features, including low-flow fixtures, recycled content materials, an on-site rainwater cistern and a green roof over the parking garage that will double as an outdoor plaza. Enterprise also provided $7.8 million in Low-Income Housing Tax Credit equity for Sheridan Station. Completion of this first phase of construction is expected by November 2011.
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Stimulus Dollars at Work for D.C.’s Affordable Housing
Federal stimulus dollars kick-started the rehabilitation of two affordable housing communities in Washington D.C., Webster Gardens and Fort View Apartments. In April, the D.C. Housing Finance Agency became the first in the nation to close a multiple-deal transaction under the Obama Administration’s New Issue Bond Program – part of its comprehensive plan to stabilize the U.S. housing market. The program provides state and local housing finance agencies help with lowering mortgage rates and expanding resources for low- and moderate-income families.Webster Gardens in the Petworth neighborhood broke ground on May 10. Deferred maintenance over the years had pushed the property into serious disrepair, but the 52-unit affordable housing community will be rehabilitated and preserved as a historic landmark.
Enterprise supported the development team of Somerset Development and Transitional Housing Corporation Affordable Housing Inc. with a $25,000 predevelopment loan and $2.8 million in Low-Income Housing Tax Credit equity to help finance the Webster Gardens redevelopment.
Fort View Apartments, a 62-unit complex in the Brightwood neighborhood, will provide rental homes for people earning up to 60 percent of the area median income, with nine of the 32 units reserved for people earning 30 percent or less of area median income. Enterprise provided $4.3 million in Low-income Housing Tax Credit equity for Fort View’s rehabilitation.
Transitional Housing will provide services at both developments, including career counseling, wellness programs and family enrichment.
“We applaud Transitional Housing and Somerset for their persistence through this difficult market,” said David Bowers, Enterprise vice president and Washington, D.C., impact market leader. “Their tenacity will create new opportunities for the residents of Webster Gardens and Fort View, while benefiting their surrounding communities.”
Back to School: Strategies for a Greener Future
Enterprise recently collaborated for the second time with GreenSPACE, Citi and the Coalition for Nonprofit Housing & Economic Development to train developers in successfully managing a green retrofit project. In a day-long training session in Washington, D.C., developers received step-by-step instruction from industry experts on the fundamentals of cost-saving solutions for greening existing affordable housing.|
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| The CASA de Maryland Multicultural Center opened with a ribbon-cutting event and community celebration on June 19. Bank of America and Enterprise partnered to help finance this new nonprofit facility with $7.9 million in New Markets Tax Credit allocation. View photos of the community celebration on our Facebook page |
The workshop kicked off with two on-site energy audit tours of both single-family and multifamily properties. Back in the classroom, participants were part of an in-depth discussion on retrofit choices and financial costs and benefits. A panel of public and private funders provided essential information on available resources and programs for financing green retrofits. The session concluded with tips on contracting with service providers and maintaining building upgrades.
Thanks for your support!
"As a company, we firmly believe that our partnership with Enterprise results in a wider variety of services to low- and moderate-income families and has a direct impact on homeownership levels and affordable rental options," said Bill Couper, Mid-Atlantic president of Bank of America.
"We thank Bank of America for its generous support, and look forward to continuing our partnership to meet the region's housing needs," said Bowers.
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