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Over the past five years, escalated demand to live in the Washington, D.C. metro region have transformed communities and housing once affordable to low and moderate income residents into more lucrative, market-rate neighborhoods. To meet the challenge of diminishing affordable housing, Enterprise has encouraged the preservation of affordable housing through grants, technical assistance, and innovative financial products.
Enterprise blended $20 million in bank capital with $8 million in public funds from the District of Columbia government to create the $28 million D.C. Preservation Loan Fund. The fund provides acquisition and predevelopment financing in the D.C. metropolitan area for affordable multifamily properties threatened with conversion to for-sale housing or higher-rent use. Up to half of each loan can include D.C. Department of Housing and Community Development funds, which must be used in the District of Columbia.
Enterprise helped purchase St. Dennis Apartments with a $3.69 million acquisition loan. The 37-unit building in D.C.’s Mount Pleasant neighborhood, will remain 100 percent affordable, thanks to the tenacity of the Martinez family and a circle of dedicated supporters and partners. This project was propelled forward due to a Washington Post article.
Southeast Apartments Go Green as Wheeler Terrace Apartments undergoes extensive rehab. In 2006, the Wheeler Tenant Association exercised its right to purchase the property and assigned its ownership and development rights to CPDC who was able to purchase the building with the help of a $4 million acquisition loan from Enterprise. October 15, 2008 | Washington Business Journal
Wheeler Terrace Beats the Odds as one of the city’s oldest affordable housing communities built in 1947 for veterans returning from WWII meets tough green building standards. January 2009 | Affordable Housing Finance
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