Community partners celebrated the groundbreaking for a new affordable housing development that will help revitalize the Mount Vernon Triangle neighborhood of Washington, D.C.
Liberty Place Apartments, developed by NHT-Enterprise and IBF Development, will include 71 affordable housing units for households earning between 30% and 50% of the area median income (AMI). The 14 units at 30% AMI will receive project-based Local Rent Supplement Program vouchers from the District of Columbia Housing Authority. Of these units, seven are for formerly homeless households, targeting veterans who need supportive services, and seven are for formerly homeless who don’t need additional services.
The June 22 groundbreaking event was part of Washington, D.C., mayor Muriel Bower’s celebration of June Housing Bloom, a monthlong initiative to showcase how public and private-sector partners are creating and preserving affordable housing across the District.
“NHT-Enterprise is pleased to partner with IBF Development to deliver this new apartment community,” said Scott Kline, senior vice president at NHT-Enterprise, in a statement. “With a growing downtown core, it is critical that the public and private sectors collaborate to provide affordable housing that is located near jobs, transportation, and community-based institutions.”
The building, which is expected to be completed by early 2020, will be designed with a focus on energy efficiency with a goal of achieving LEED Silver certification. It also will include a rooftop deck, a resident lounge and meeting room, a fitness center, and free WiFi.
The land for the $32.3 million Liberty Place Apartments was donated by a joint-venture partnership that includes Mt. Carmel Baptist Church, The Wilkes Co., and Quadrangle. SunTrust Community Capital provided a construction loan, a direct equity investment in low-income housing tax credits, and a permanent loan commitment through SunTrust’s Agency Lending Group. Additional financing included bonds from the D.C. Housing Finance Agency, Housing Production Trust Fund money from the D.C. Department of Housing and Community Development. In addition, Stifel Nicolaus & Co. sold the short-term, tax-exempt construction bonds, and SunTrust Agency Lending Group placed the taxable permanent loan with Freddie Mac, which will fund at stabilization.