Construction Begins On Rehab of Dilapidated Low Income Housing Development, Bringing More Affordable Housing To Southeast’s Washington Highlands Neighborhood
Renovation of Parkside Terrace Revitalizes Community
Washington, D.C., April 28, 2008 — The Community Preservation and Development Corporation (CPDC), the largest DC-based affordable housing developer, celebrated today the beginning of construction on the gut rehab of Parkside Terrace Apartments, a major source of blight in the Washington Highlands neighborhood in Ward 8. Renovating the troubled housing development will bring more affordable housing to the neighborhood and assist in the overall revitalization of the Southeast DC community.
“CPDC is extremely grateful for the support of all of our partners who have helped make this opportunity possible. The redevelopment of the Parkside Terrace is critically important to the ongoing revitalization of the Washington Highlands neighborhood. Thanks to the help of our partners, the completion of Parkside Terrace will assure that families of all means will continue to be able to live in this community,” said J. Michael Pitchford, CPDC President & CEO.
Present at a “wall-breaking” ceremony commemorating the construction were DC Mayor Adrian M. Fenty; Ward 8 City Councilman Marion Barry; Leila Finucane Edmonds, Director of the DC Department of Housing and Community Development; Harry Sewell, Director of the DC Housing Finance Agency; Michael Kelly, Director of the DC Housing Authority and H.R. Crawford, President & CEO, CEMI.
Speaking at the ceremony, Mayor Fenty said, “The rehabilitation of Parkside Terrace meets two major goals of my Administration,” said Mayor Fenty. “This project brings much-needed affordable housing for seniors and families and allows us to take another big step in the revitalization of the Washington Highlands neighborhood. CPDC and its partners did a great job in putting together the financing to make this happen.”
Councilman Barry said, “This is a perfect example of one in many types of development projects that are changing the landscape of Ward 8 into a more affordable and livable community. I would also like to commend CPDC for making affordable housing a priority in the District of Columbia.”
The twelve-story high-rise building, which failed as a subsidized Section 8 family development in the late 1990s, has been vacant since 2005. CPDC has partnered with H.R. Crawford of Crawford Edgewood Management, Inc. (CEMI), to convert the first seven floors of the building into housing for low-income seniors with rental assistance provided by the DC Housing Authority. The top five floors will be converted for workforce housing targeted to small families. When completed in the summer of 2009, the development will provide 316 units of new affordable rental housing for the community along with a complementary space for community and resident services. Of the 316 units, 181 will be one-bedroom apartments for low-income seniors and 135 will be one-and two-bedroom units for small families.
The $73 million project is being financed in several ways. About $23 million in tax-exempt bonds have been issued by the DC Housing Finance Agency and purchased by Union Bank of California along with Chevy Chase Bank. MMA Financial is providing $25.6 million in equity investment in the project under the low-income housing tax credits program, while DHCD is providing over $20 million in gap financing. Pitchford gave special thanks to Councilman Barry for his assistance in securing the special tax status and the financing approvals needed for the project to advance.
The acquisition of the property was financed through the DC’s new Site Acquisition Fund Initiative (SAFI). The SAFI funds contributed $1.6 million toward the $4.5 million loan received from Enterprise Community Partner’s Community Loan Fund. The loan was sourced from Enterprise’s Washington Preservation Loan Fund, a $20 million fund of private capital raised by Enterprise and dedicated to the preservation of affordable housing in the Washington area.
Planned features of the community include open floor plans with modern kitchen and bath designs. All units will have energy star rated appliances, low-flow showers/faucets and other energy-saving materials and design strategies. Upgrades to the units include Packaged Terminal Air Conditioner (PTAC) and heating, ventilating, and air conditioning (HVAC) systems with individual controls, all wood cabinets, custom countertops, electric ranges, frost-free refrigerators, and disposals. In the bathrooms, wood vanities with new countertops and ceramic tile bath surrounds will add to the new standard of living at Parkside. All units also will include high-speed internet/intranet access.
Each section of housing will also have features unique to the needs of its resident population. Seniors living at Parkside will have the added resources of reading rooms/lounges on each floor, plus approximately 5,000 square feet of community space, including a health-care suite. The family housing units will include convenience appliances in each unit, as well as hook-ups for full-size washers and dryers. Residents will also enjoy a secure entrance and separate elevator.
The building has been designed to allow only secure access to the senior levels of the building while providing both senior-only and community common areas. Community spaces will include laundry areas, community room, exercise rooms, computer lab, movie/entertainment area and reading rooms. Additional on-site features will include access-controlled parking and other state-of-the-art security features, a sundries/convenience store, credit union with ATM services and hair salon. The project will also add outdoor features including a walking path, outdoor terrace area and green space.
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. The organization currently owns more than 4,000 dedicated affordable apartments within 26 communities, with resident engagement programs at many of its properties serving more than 9,000 residents. More about the company is available at www.cpdc.org.