Fort Chaplin Park Apartments was under contract to be sold and at risk of losing long-term affordability protections when residents organized and exercised their right to acquire the Washington, D.C., property.
The Tenant Association opted to assign their purchase right to Standard Communities and Housing on Merit, who made a long-term commitment to revitalizing the aging 549-unit development, where about 70% of the units were affordable, by expanding the affordability and completing an extensive renovation.
“Working closely with the residents, we’ve been able to extend the affordability and renovate the property in a meaningful way,” says Scott Alter, co-founder and principal of Standard Communities.
The development is located on nearly 17 acres in an area that has been undergoing rapid revitalization. The new investment into Fort Chaplin ensures that its families are part of this neighborhood renaissance and not left behind or forced out of their longtime homes to make way for higher-paying residents.
As part of the $94 million project, the team has expanded the affordability of the community in two key ways. It’s made the property 100% affordable to families earning no more than 60% of the area median income and added project-based Sec. 8 rental subsidy to 72 units at the property, according to Steven Kahn, director at Standard Communities.
Standard Communities also completed a $33 million renovation that updated unit interiors, modernized building systems, and replaced a dilapidated leasing office with a new, LEED-certified, 5,000-square-foot community center that serves as a vibrant hub for a full suite of resident services and community programming that residents of all ages have been quick to embrace.
