Washington, DC - Mayor Adrian M. Fenty today joined Ward 1 Councilmember Jim Graham and Deputy Mayor for Planning and Economic Development (DMPED) Valerie Santos to announce redevelopment plans for the former Justice Park site at 1421 Euclid St, NW. The $11.5 million project will include 37 apartment units, all of which are reserved for low-income households earning between 30 to 60 percent of the Area Median Income (AMI).
I am extremely proud of the incredible transformation that has taken place in Columbia Heights over the past several years, Mayor Fenty said. Affordable housing projects like this help to ensure that residents of all income levels can continue to enjoy the multitude of resources this neighborhood offers.
The 12,325 square foot parcel of land is the former site of Justice Park, which has since been relocated across the street and is slated for redevelopment.
The development team of Euclid Community Partners, comprised of Dantes Partners, Perdomo Group and Capital Construction Enterprises, was awarded the project on July 20th through a competitive bid process. A groundbreaking is expected May 2012.
Euclid Community Partners will apply for a 9 percent tax credit through the District Housing Finance Agencys Low Income Housing Tax Credit (LIHTC). If a 9 percent LIHTC is not approved, the developers will receive the non-competitive 4 percent tax credit and will request a $4.1 million District subsidy.