[PR] Groundbreaking on $50.9 Million Affordable Housing Project in Congress Heights
Nonprofit developer CPDC, Enterprise, and Bank of America team up with government and for-profit companies to create housing for 195 low-income and homeless families.
WASHINGTON, D.C. – NOVEMBER 15, 2019: Washington, D.C.’s affordable housing industry is well known for collaborative financing projects. However, the latest preservation project at Randle Hill Apartments by the Enterprise family of companies and Community Preservation and Development Corporation (CPDC) has not only secured affordable housing in a rapidly rising-rent neighborhood, but also added a new housing option for an often overlooked resident group: formerly homeless individuals and families.
The investment of tens-of-millions dollars will preserve and renovate Randle Hill’s 9-building complex in the Congress Heights neighborhood and create newly renovated homes for 195 families, which includes 20 homes set aside for formerly homeless households. This model maintains the property’s mixed-income profile by serving both very-low income households and working families which promotes economic integration and community building.
“After more than 30 years of development in the mid-Atlantic region, we know firsthand the importance of preserving and modernizing existing affordable housing,” said Brian McLaughlin, CPDC president and CEO. “We are not just sustaining affordability, but also providing a pathway of hope for some of the District’s most vulnerable families.”
The construction financing for this project includes $25 million in bonds from DC Housing Finance Agency (DCHFA) and a $26.5 million loan from Bank of America.
“We ask our partners here in the District: ‘What Would You Like the Power to Do?’ and affordable housing is what they have told us,” said Derrick Perkins, Greater Washington, D.C. Market Executive for Bank of America. “Randle Hill Apartments is a great public/private collaboration to ensure families and the formerly homeless have the power to enjoy a modern, affordable home.”
Additional financing includes $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital, and $15.3 million in Low-Income Housing Tax Credit equity from Enterprise Housing Credit Investments, LLC, to support this development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million.
“We’re thrilled to be able to help preserve and improve much-needed affordable homes in Washington, DC,” said Scott Hoekman, Enterprise Housing Credit Investments, LLC president and CEO. “Enterprise is committed to ensuring that everyone in the District can afford a good home connected to opportunity.”
The development will undergo numerous renovations, including updated kitchens and bathrooms, new HVAC units and more.
The renovation work, through partners Hamel Builders and Wiencek and Associates Architects, will meet Enterprise’s Green Community’s Standards and will significantly enhance the livability, safety and efficiency of the homes.
Additionally, as part of CPDC’s award winning residential programming, the nonprofit will partner with Edgewood-Brookland Family Support Collaborative to provide resident services that include workforce development, case management, and educational programs. TD Bank provided $125,000 in financial support for these programs.
"The TD Charitable Foundation is honored to contribute to the preservation of affordability at Randle Hill, and we commend CPDC for its work to render the units both more accessible as well as more energy efficient," said Paige Carlson-Heim, TD Charitable Foundation Office of Charitable and Community Giving Director. "Our 2018 Housing for Everyone Grant is helping CPDC to stabilize and strengthen this community through its work connecting stable housing to financial management classes and referral to trauma-informed care and mental health services."
On November 15, 2019, a groundbreaking ceremony launched the start of the 17-month long renovation process at the Randle Hill complex. Speakers include Brian McLaughlin, president & CEO, CPDC; Polly Donaldson of DC Department of Housing and Community Development; Todd Lee of DC Housing Finance Agency; Phillip Porter of Enterprise Housing Credit Investments, LLC; Derrick Perkins of Bank of America; and Stacie Birenbach of CPDC.