Another Deal Financed, Bringing Investments to $12 Million
Our Region, Your Investment has financed its fifth affordable housing deal, which will preserve the affordability of 202 homes in Wards 7 and 8 in Washington, D.C. Our $5.4 million loan will help local developer, East of the River Preservation Partners, purchase a portfolio of 16 garden-styled buildings in the Anacostia, Fort Dupont, Greenway and Marshall Heights communities.
The developer plans to make improvements to the properties -- most of which were developed in the 1950s -- so residents will have safe, healthy, updated homes. On average, each resident saves approximately $2,639 on rent every year because they have an affordable place to live. With that savings, they can purchase an entire year of unlimited rides on Metro with a Fast Pass! Read more about the benefits to residents and the community.
Since Our Region, Your Investment launched in January 2016, 22 investments have been made by community members, foundations, banks, and nonprofits to support affordable housing in the Greater Washington region. See what they have to say. Approximately $12 million has been raised and invested to finance 488 affordable homes in Washington, D.C., Maryland and Virginia.
See the impact:
You still have an opportunity to make an investment. Want to learn more? Contact Rachel Reilly Carroll anytime at RRCarroll@EnterpriseCommunity.org.