64 Homes in Columbia Heights to be Renovated and Remain Affordable, Connecting Families and Formerly Homeless with Community Services
Enterprise Community Loan Fund provided $10 million loan to Jubilee Housing to preserve Maycroft Apartments
WASHINGTON, D.C. – July 31, 2017 – Sixty-four homes in Columbia Heights will be preserved as affordable for low-income families, 15 of whom will find refuge after chronic homelessness, thanks to two longtime nonprofit collaborators and the D.C. government.
On July 25, Jubilee Housing and Enterprise Community Partners (Enterprise) gathered with local officials and partners to break ground on the extensive renovation of the Maycroft Apartments. The preservation effort will ensure rents remain affordable in a community that has experienced large-scale resident displacement.
Maycroft Apartments residents will be connected to critical social services including a Family Resource Center, Jubilee’s Teen Renaissance Program and an early education center. The result: a more equitable and vibrant city for all District residents.
The revitalized Maycroft Apartments will provide 64 vulnerable D.C. families with affordable homes that are connected to opportunity through good schools, jobs and transportation. Forty-one of those families will be earning at or below 30 percent of the area median income – at or below $32,600 for a family of four – including 15 formerly chronically homeless families.
The need for more affordable homes in the District and across the country is critical -- nearly 19 million low-income families in the U.S. are housing insecure, paying at least half of their monthly income on housing alone. Building new affordable housing developments is a practical way to provide homes to low-income Americans, but it cannot meet the growing need alone. Affordable housing preservation provides a sustainable source of affordable homes without displacing residents.
“Enterprise recognizes the importance of a two-fold strategy that creates new affordable developments and preserves existing affordable homes,” said David Bowers, vice president and Mid-Atlantic market leader, Enterprise. “Our investment in preserving Maycroft Apartments is a critical step toward our goal of ending housing insecurity in the District, preserving the unique history and culture of our neighborhoods, and preventing displacement of longtime residents.”
"The Maycroft will help reduce the inequity that scores of District families experience, by offering them easy access to opportunities we all need for stable, successful lives," said Jim Knight, president and CEO, Jubilee Housing. "Enterprise’s investments in the Maycroft provided Jubilee the necessary seed money for predevelopment activities and also sustained the project with a critical bridge acquisition loan. These are investments in building a more just, inclusive, and vibrant city for all District residents. Jubilee looks forward to working with all our development partners to create more justice housing that is affordable to all, located in thriving neighborhoods, and close to resources that support growth."
Maycroft Apartments’ location holds particular significance to both Enterprise and Jubilee Housing. More than 40 years ago, just a few blocks away, renowned developer and urban visionary Jim Rouse and his wife Patty were inspired by a community-based group that wanted to improve the quality of affordable housing in the neighborhood.
As then-CEO of The Rouse Company, Jim helped the group secure $625,000 to complete the purchase of two dilapidated apartment buildings and $125,000 toward repairing them. That led to the birth of Jubilee Housing, a local community organization, in 1973. Jubilee’s impact helped inspire Jim and Patty to found Enterprise in 1982 with the mission of helping all low-income people have the opportunity for affordable housing and moving up out of poverty.
Enterprise Community Loan Fund provided a $10 million acquisition loan that enabled Jubilee Housing to purchase Maycroft Apartments. The District of Columbia Housing Finance Agency (DCHFA) invested $15,840,000 in bond financing. Additionally, Maycroft Apartments will be financed with a $7,539,640 subordinate loan from the District of Columbia Department of Housing and Community Development's Housing Production Trust Fund, $4,413,352 in HOME funds, $9,307,952 in equity generated through the syndication of four percent low income housing tax credits and $3,226,506 Historic Tax Credits. The rehabilitation of the commercial space will be financed separately through an $8 million New Markets Tax Credit transaction.