A Washington, D.C.-based affordable housing developer announced that it is shutting down after 25 years.
Citing difficult market conditions over the past few years, Neighborhood Development Co. (NDC) said it and its affiliates will cease operations as of Sept. 30.
Founded by Adrian Washington, the organization has built affordable homes, charter schools, day care centers, and commercial space for minority entrepreneurs.
“Our project production had been robust throughout most of our 25 years; however, the last three years have unleashed a perfect storm on the local real estate market, particularly for the type of projects we focus on, making today’s operating environment untenable for us,” said the organization.
“After assessing these events, it was with great sadness that I made the decision to close NDC as of Sept. 30, 2024. This is obviously a very painful decision, and we are doing all we can to minimize the disruptions this will cause residents, financial partners, our employees, government partners, and our many other stakeholders,” said the website.
