WASHINGTON, D.C. – RealEstateRama –: 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.
A premier provider of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) develops vibrant communities through innovation and partnership, including its combination with Enterprise Community Partners. Specializing in the acquisition, redevelopment and operation of affordable housing for low- and moderate-income individuals and families, CPDC owns 30 communities with more than 5,000 apartment homes, and many of its properties offer resident engagement programs that collectively serve more than 10,000 residents. Learn more at www.CPDC.org.
Enterprise is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 585,000 homes, invested more than $43 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $222 million through nearly 21,000 grants through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation, including the online grant application, is available at tdbank.com.