DC MUD: Foreclosure Issued on Site of $4 Million District Investment
Labels: Capitol Homes and Communities, DHCD, Ward 8
The fate of a Ward 8 development project promising 31 affordable rowhouses - thanks to a little help from the District - is now in question. In July of 2008 the District Department of Housing and Community Development (DHCD) provided $4 million in funds for the project from the Housing Production Trust Fund. However, earlier this month, lender KBank issued a notice of foreclosure to Stanton View Development for the property at Stanton and Elvans Roads, SE. In the mere year and a half since the District's infusion of cash, the developer has had its registration with Department of Consumer and Regulatory Affairs (DCRA) revoked and most recently was issued a foreclosure notice on December 11th.
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