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For Immediate Release
February 28, 2006 |
Contact: Patricia Dashiell
(202) 895-8900 |
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New Investment in Southeast DC
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Community Preservation and Development Corporation and HR Crawford partner to purchase vacant 12-story building for future affordable housing; acquisition funded by City, Enterprise
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Washington, DC - Community Preservation and Development Corporation (CPDC) and H.R. Crawford have joined forces to purchase the currently-vacant 12-story Parkside Terrace in Southeast Washington, D.C. The developers are pursing this project as a way to make a significant investment in the revitalization of Ward 8, and to create 316 units of first rate, affordable housing.
"This landmark building offers a unique opportunity to provide sorely needed affordable senior's housing in the district, as well as build upon (and reinforce) the stabilization and revitalization effort begun at Wheeler Creek by providing top-quality housing for the city's workforce," said J. Michael Pitchford, CPDC's president and CEO.
The acquisition of the property was financed through the District of Columbia's new Site Acquisition Fund Initiative. The SAFI funds contributed $1.6 million toward the $4.5 million loan the developers received from Enterprise Community Loan Fund, part of one of the nation's leading providers of community development capital and expertise. The loan was sourced from the Enterprise 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.
The now-vacant building will be secured against vandalism and held until the developers can close on the necessary financing, expected in fall 2006. The team plans to gut the existing twelve-story building and reconfigure it into 181 one-bedroom apartments for low-income seniors, and 135 one- and two-bedroom units for small families. Seniors will occupy the lower seven floors; families will occupy the top five floors.
"This community, which will be socio-economically integrated, represents housing at its best," said Mr. Crawford.
Planned features of the community include open floor plans with modern kitchen and bath designs. Upgrades to the units include energy efficient heat-pump systems with individual controls,
all wood cabinets, custom designer countertops, electric ranges, frost-free refrigerators, and disposals. In the bathrooms, wood vanities, with cultured marble tops, and ceramic tile bath surrounds will add to the new standard of living at Parkside. All units will also include high-speed internet/intranet access.
Each section of housing will also have features unique to the needs of the resident population. Seniors living at Parkside will have the added resources of a concierge desk and reading rooms/lounges on each floor, plus approximately 5,000 square feet of community space, including an exercise room, health-care suite, computer learning center, salon and sundries shop.
The family housing units will include convenience appliances in each unit, including hook-ups for full-size washers and dryers. Residents will also enjoy a secure entrance and separate elevator, controlled access parking, a community room/internet cafe, and a fully-equipped 24-hour exercise room.
"Enterprise is committed to supporting Washington area organizations in their struggle to preserve and expand affordable housing opportunities. With funding from the District of Columbia's new Site Acquisition Fund Initiative and additional privately raised capital from the Enterprise Washington Preservation Fund, Enterprise was able to jumpstart the re-development of Parkside and will help meet the compelling human needs of residents in that neighborhood," said David Bowers, director, Enterprise Washington, D.C. "This builds on the investment Enterprise has already made in the immediate Southeast neighborhood as a lead on the successful development of Wheeler Creek."
The development team plans to leverage this initial investment and finance the project with tax-exempt bonds issued by the DC Housing Finance Agency, along with low-income housing tax credits, and secondary mortgage financing from the DC Department of Housing and Community Development. All of the units will be affordable to households earning up to 60 percent of the area median income - approximately $43,000 for a family of four. All % of the senior apartments will be subsidized by project-based Housing Choice Vouchers issued by the DC Housing Authority.
Mr. Crawford is a former Assistant Secretary for the U.S. Department of Housing and Urban Development and D.C. Councilmember. In 1979, he founded Crawford Edgewood Managers, Inc., a company that has since grown into a progressive, highly skilled team of property and facility management experts. In doing so, CEMI has developed a reputation of turning some of the most notorious properties in the District into strong, viable community assets. CEMI currently manages more than 1,500 units in and around the District.
Enterprise Community Partners is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than two decades, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $6 billion in equity, grants and loans and is currently investing in communities at a rate of close to $1 billion a year.
CPDC works with residents, governments, and financiers to turn around troubled communities and preserving those subjected to market pressures and rising rents. Wardman Court (formerly Clifton Terrace), Edgewood Terrace, and Southern Ridge in Washington, D.C., and Admiral Oaks in Annapolis, Md., represent model successes where crime and mismanagement once ruled. Island Walk in Reston, Va., and 1330 Seventh Street in the district are examples of where complex financing allowed for sustainability and the opportunity for residents to eventually own their homes. The Wiley H. Bates Memorial Complex in Annapolis, Md., is CPDC's most recent project combining affordable housing and historic preservation. When finished, it will provide 71 units of affordable housing for seniors. |
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| CPDC's mission is to develop vibrant communities through innovation and partnerships. To accomplish this, CPDC creates and preserves financially sound, socially responsible affordable housing for low- and moderate-income individuals and families and, in cooperation with community residents, develops community programs that strengthen communities and increase opportunities for growth. |
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