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WASHINGTON, DC - District elected officials joined representatives
from developer Neighborhood Development Company LLC, Provident
Bank and Fannie Mae, the nation's largest source of financial
for home mortgages and multifamily housing development, to break
ground on the development of new condominiums near the Petworth
Metro Station in Northwest D.C.
The Lamont Street Lofts will feature 38 units of affordable condominiums
with underground parking.
"In Washington's red hot real estate market, we need more
affordable housing like the Lamont Street Lofts," said Rep.
Eleanor Holmes Norton (DC-D). "The location near public transportation
is great and the price is right. We are delighted that Provident
and Fannie Mae are supporting the development of new affordable
housing in this community."
Provident Bank provided an acquisition and construction loan
of $5.4M for the $6.5 million project, and Fannie Mae made a $1.6M
in equity investment in mezzanine debt through its American Communities
FundTM (ACFR). ACF invests debt or equity in housing developments
that support neighborhoods and community revitalization efforts.
The project is located in the Petworth neighborhood just above
the campus of Howard University, a community NCRC has targeted
for development.
"One of the most important ways that we can assist the
residents of Washington is by giving them the ability to purchase
a home. We've provided thousands of people with this opportunity
to-date by providing more than 12,000 units of affordable housing
since 1999," Mayor Anthony A. Williams said. "We want
to keep residents in our city, which is why today's groundbreaking
is so important. We've got even more chances to keep them here."
Lamont Street Lofts is a renovation of a former commercial storage
facility at Lamont Street and Georgia Avenue, N.W. The currently
vacant property will become a five story residential development
with affordable condominiums, below ground level enclosed parking
and penthouse units on the top floor with private roof terraces.
The one- and two-bedroom, one- or two-level units will be priced
at levels far below those of comparable downtown housing and will
be marketed for prices starting at $197,000 with a median price
of $297, 000. Seventy-five percent of the units will be priced
to be affordable to households with incomes at 70 percent or below
the area median income of $84,500.
"The Lamont Street Lofts is a true breakthrough for Georgia
Avenue," said Councilmember Jim Graham (D-Ward One). "This
new development transforms a big empty building, just off George
Avenue, into quality affordable housing!"
The Neighborhood Development Company (NDC), with Adrian Washington,
Karl Jentoft, and Juan Powell as principals, was founded in 1999
and has developed over 200,000 square feet of real estate and
expects to begin construction on an additional 300,000 square
feet over the next 18 months. In the past year NDC became an equity
participant in development teams selected by the city to redevelop
the Old Convention Center and by The National Capital Revitalization
Corporation (NCRC), a publicly chartered, entrepreneurial corporation
committed to revitalizing underserved neighborhoods throughout
the District of Columbia, to redevelop the Wax Museum site near
Mt. Vernon Square. Collectively these projects will encompass
approximately 2 million square feet of mixed-use space. They also
are in a partnership with a team that has proposed the development
of the McMillan Reservoir site near Children's Hospital.
D.C. still has so many untapped opportunities for the development
of affordable housing in neighborhoods throughout all four of
its quadrants," said Adrian Washington, President of NDC.
"We're a small company that sees its future growth in demonstrating
that the District can have decent housing with pricing as diverse
as its population."
In addition to the Lamont Street Lofts, NDC plans include the
acquisition and development of adjacent properties into additional
residential and commercial projects to enhance impact of its revitalization
effort on the community. For more information on the project,
please visit www.LamontStreetLofts.com.
Fannie Mae's participation in the Lamont Street Lofts is part
of the company's new goals of the American Dream CommitmentR,
which are designed to tackle the nation's toughest housing problems.
# # #
Jim Graham, Councilmember, Ward One,
1350 Pa. Ave., NW, #406, Washington, DC 20004
202-724-8181; 202-724-8109 (fax)
(c) Copyright 2003 by ShawDC.com
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