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David Bowers |
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Greetings! Despite challenging year, Enterprise and its partners continue to share good news and stories of success. Together, we persevere in meeting the housing needs of low- and moderate-income people throughout the Washington, D.C., area.
We’ve certainly been tested this year – advocates, developers, financial institutions and government agencies alike. Public funding is down dramatically and private capital is harder to come by. But the tough economy underscores the urgency of our mission. With your involvement, Enterprise continues to go forward and meet the challenges ahead.
As you read this issue of the D.C. Metro Report, please remember what’s at the heart of every ribbon cutting, groundbreaking ceremony, training and workshop. It's the individuals and families who deserve the opportunity to raise their children, age gracefully and pursue their dreams in healthy affordable housing in thriving, green communities.
From our homes to yours, we wish you and your families a blessed holiday season. Your continued partnership with Enterprise promises more success and even greater progress in the coming year.
David Bowers
Vice President and Impact Market Leader, Washington, D.C.
Following an extensive two-year renovation, residents began moving in to the Overlook at Oxon Run in Southeast Washington, D.C., this summer. Thanks in part to a $4.5 million loan from Enterprise, this high-rise community has been completely transformed both inside and out by Community Preservation Development Corporation.
Targeted to low- and moderate-income families and seniors, the building now offers exceptional features, from state-of-the-art kitchens and exercise facilities to free high-speed internet access and a credit union with an ATM. The Overlook is situated close to parks, shopping and public transportation. Not surprisingly, a significant number of apartments were already leased by opening day in September 2009.
Nearly three decades ago, an unlikely partnership formed between Enterprise founders Jim and Patty Rouse and three determined community activists from the Church of the Savior in Washington, D.C. This partnership would grow to make an extraordinary difference for thousands of low- and moderate-income Washington residents, and give birth to the organizations that would become Jubilee Housing and Enterprise. The two organizations joined together again recently to mark two more major accomplishments – the completed rehabilitation of Ontario Court Apartments and the reopening of The Ritz. Together, the buildings will preserve affordable homes for 87 families in Washington’s Adams Morgan neighborhood.
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Ontario Court features 27 apartments and the brand new 4,000-square-foot Jubilee JumpStart Early Childhood Development Center, which provides flexible child care, educational activities and support for working parents. The rehabilitation was financed with $8.6 million in New Markets Tax Credit (NMTC)-enhanced loans from Enterprise. The NMTC program, administered by the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, is an innovative financing tool that attracts private capital investments to underserved communities. Ontario Court marks Enterprise’s first NMTC investment in the nation’s capital.
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The Ritz includes 60 apartments and 4,000 square feet of community space, which will include a new room named for Jim and Patty Rouse and a home for the Jubilee Teen Renaissance after-school program. Financing for The Ritz was secured through Low-Income Housing Tax Credit equity investments syndicated by Enterprise. Other funding partners include the D.C. Housing Authority, the D.C. Department of Housing and Community Development, the D.C. Department of Mental Health, and the Federal Home Loan Bank of Atlanta.
Open Arms Housing and Enterprise recently joined forces with other partners to open the Dunbar in Washington’s Shaw neighborhood. The 16-unit apartment building offers housing and services for homeless women with chronic mental illness. Enterprise provided a $170,000 loan and a $14,000 development grant for the Dunbar.
Each individual apartment in the newly renovated building features a living room, kitchen and a bedroom. All three floors have a common room for meetings and activities designed to help tenants thrive.
Unlike traditional emergency shelters, the Dunbar does not limit residents’ stay. In addition, proximity to So Others Might Eat (SOME) and other social and community services offers residents the opportunity to seek further support.
The developers of Matthews Memorial Terrace, a proposed 99-unit development in the Barry Farm neighborhood of Southeast Washington, D.C., have received $6.8 million in funds from the American Recovery and Reinvestment Act. That means Matthews Memorial Baptist Church and its partner, the Community Builders, are one step closer to turning the 79,900-square-foot site into a quality affordable housing community.
Enterprise helped jump-start the project early on by awarding the church a pre-development grant. The church’s leadership has participated in Enterprise’s Faith-Based Development initiative, which engages and helps the faith community serve as agents of change through the development of affordable housing and community facilities.
Israel Manor, the nonprofit arm of Israel Baptist Church – a pillar of the Brentwood community, will develop a 33-unit affordable housing community for seniors near the Rhode Island Park shopping center in Northeast D.C.
Enterprise helped finance the acquisition of the property for the planned Israel Manor Senior Residences with a $495,000 loan.
Upon completion, the new facility will offer seniors state-of-the-art apartments, including some with accessibility features. Located across from the Metro station, it will provide seniors with access to transportation and shopping.
Enterprise’s Faith-Based Development initiative has upcoming trainings and events. Learn how houses of worship and other faith-based groups can transform a community through affordable housing and community facilities development. All sessions will be held at the Community Room at THEARC, 1901 Mississippi Ave, SE, Washington, D.C. 20020.
HUD Secretary Shaun Donovan and other leading public and private partners were on hand to help announce Enterprise’s national call to action to make all affordable housing – new and existing – green by 2020. Read more.
Green retrofit methods can improve property performance and value while reducing overhead for affordable housing owners and residents. That was the take-away at a daylong training hosted by Enterprise, GreenHOME, the Coalition for Nonprofit Housing & Economic Development (CNHED) and Citi this spring. Among the panel of public- and private-sector participants was Community Preservation Corporation Vice President for Energy Initiatives Andrew Padian, one of the country’s most experienced multifamily energy auditors.
The training reviewed the tools, resources and funding available in the retrofitting process. Participants were also educated about the economic, health and environmental benefits of meeting the Enterprise Green Communities Criteria, the first national framework for healthy, energy efficient and environmentally smart affordable housing.
The federal government now requires new and rehabbed public housing to meet the Enterprise Green Communities Criteria. In addition, the District of Columbia requires most affordable housing developments that receive city funding to meet the Criteria.
Pressured homeowners stand to get help, thanks to a new collaboration between Enterprise and the Metropolitan Washington Council of Governments (COG), who have joined to aggressively address the region’s foreclosure crisis. Following a competitive process, COG selected Enterprise’s Washington, D.C., office as its partner in an application to the U.S. Department of Housing and Urban Development (HUD) for nearly $34 million in Neighborhood Stabilization Program funds. COG is partnering with the city of Alexandria, Va., city of Bowie, Md., Fairfax County, city of Gaithersburg, Prince George’s County, and Prince William County in its application.
If HUD selects COG for the award, Enterprise will manage a $13 million loan fund aimed at providing capital for the acquisition and rehabilitation of properties at risk of foreclosure. The fund will target six jurisdictions in the Washington metro area, including some of the hardest hit neighborhoods.
Enterprise staff members in Washington, D.C., partnered with the National Housing Trust (NHT) to provide critical volunteer assistance to the R Street Apartments community in the city’s Logan Circle neighborhood. The activity was part of Enterprise’s annual James W. Rouse Community Service Day, held in conjunction with this year’s United We Serve initiative, President Obama’s national call to service.
Volunteers gave the community room a fresh coat of paint and spruced up the grounds with some needed landscaping.
The R Street Apartments were successfully rehabilitated earlier this year through the National Housing Trust-Enterprise Preservation Corporation, a financial and development partnership that works with community groups, for-profits and investors to safeguard affordable rental homes at risk of market-rate conversion. Enterprise also provided a $50,000 grant to help the development meet the Enterprise Green Communities Criteria. See pictures of volunteers in action.
A new publication from Enterprise provides an in-depth look at three local funds, including the D.C. Preservation Fund. The fund was created to leverage capital locally and turn limited government and foundation funds into valuable community development resources. The 2009 report, by Bart Harvey Enterprise Fellow My B. Trinh, profiles the D.C. fund along with similar programs in New York City and Los Angeles. To date, the D.C Preservation Fund has provided more than $45 million in financing and preserved more than 1,100 affordable homes. Download a copy of the study here.
Enterprise’s biweekly enewsletter, Capitol Express, tracks key legislation and policies to keep the affordable housing and community development network informed and mobilized. Read the latest issue.
Affordable Rental Housing A.C.T.I.O.N. (A Call to Invest in Our Neighborhoods) is a grassroots campaign led by a broad coalition of nearly 140 cross-industry organizations, including Enterprise, focused on ensuring that families have access to affordable housing. Have you joined?
In this challenging year, we are especially grateful to the foundations, financial institutions, individuals and others that have supported Enterprise and our work in the Washington, D.C., area, including:
Bank of America/Bank of America Foundation
Capital One
The Morris & Gwendolyn Cafritz Foundation
E*Trade
Executive Gift Planners, LLC
Fannie Mae
Global Education Services, Inc.
HSBC Bank
The M&T Charitable Foundation
Eugene & Agnes E. Meyer Foundation
PNC Foundation
SunTrust Foundation
The Wachovia Wells Fargo Foundation
Your continued support and partnership help us meet the pressing housing needs of our neighbors across the region. We thank you, and wish you a joyous holiday season. |
