Northwest Washington, D.C. is undergoing rapid gentrification, much to the chagrin of middle- and low-income borrowers. To mitigate the widespread rise in rents in this desirable area, Partners for the Common Good and the National Housing Trust Community Development Fund (NHTCDF) provided a $1 million loan to build the 71-unit Liberty Place Apartments.
Of 71 total units, 80% will serve households below 50% of AMI, and twenty percent of the building will serve households at or below 30% of AMI. The 20% portion includes seven units of supportive housing targeted at homeless veterans. The DC Department of Behavioral Health contracts with community-based organizations to provide support services to these veterans. The project will be adjacent to a 268-unit market-rate rental apartment complex to create a mix of housing options in the neighborhood. The project is also located within walking distance of four Metro stations, which will better connect residents to employment and other opportunities.
This loan in PCG’s own backyard is its third participation with NHTCDF to create and preserve affordable housing.