On June 22, NHT-Enterprise, with partner IBF Development, hosted a groundbreaking celebration for Liberty Place Apartments, a planned 71-unit affordable housing community in the growing Mount Vernon Triangle neighborhood.
The groundbreaking ceremony gathered more than 100 community members, public officials and developers as Mayor Muriel Bowser joined in to shovel the first piece of land. In addition to Mayor Bowser, Brian Kenner (Deputy Mayor of Planning and Economic Development), Todd Lee (Executive Director/CEO of D.C. Housing Finance Agency), and Polly Donaldson (Director of the D.C. Department of Housing and Community Development), also shared remarks at the ceremony.
This groundbreaking ceremony not only marked the beginning of construction, it was also Mayor Muriel Bowser’s closing celebration of the June Housing Bloom, a month-long initiative that showcased how public and private sector partners are producing and preserving affordable housing and revitalizing neighborhoods across the District.
About Liberty Place
NHT-Enterprise and IBF Development formed a partnership to construct a 71-unit affordable building at 3rd Street NW and I Street NW. Of the planned 71 apartments, 11 are accessible and exclusively reserved for those with limited mobility, 14 will provide permanent supportive housing for formerly homeless adults, and 7 will have veterans’ preference. Construction will begin in July 2018 and be completed in February 2020.
Liberty Place Apartments is financed by a DCHFA tax-exempt construction loan of $13 million, a Freddie Mac tax-exempt permanent loan of $6.7 million, and $9.2 million of DC DHCD Housing Production Trust Funds. Additionally, there is a seller take-back note of $3 million and $11.6 million in 4% Low-Income Housing Tax Credit equity from SunTrust Bank. Predevelopment financing was provided by the National Housing Trust Community Development Fund, Partners for the Common Good, and the Housing Partnership Fund.
The project was assisted by the donation of the land at no cost by The Wilkes Company, Quadrangle Development Corporation and Mount Carmel Baptist Church. The development represents yet another important step in the Wilkes/Quadrangle masterplan for their 4-block area of Mount Vernon Triangle known as “Mount Vernon Place”.
For more information on NHT-Enterprise’s award-winning communities, contact Senior Vice President Scott Kline.