(WASHINGTON, DC) - Today, the Office of the Deputy Mayor for Planning and Economic Development (DMPED), the Department of Housing and Community Development (DHCD), DC Green Bank, Urban Green LLC, Heleos LLC, VNV Development, and community members broke ground on Cycle House. Once complete, the apartment complex at the corner of North Capitol Street and Bates Street NW in the Truxton Circle neighborhood will deliver 18 units of affordable housing to support households up to 60% of the Median Family Income (MFI), equating up to $50,750 for individuals, couples making up to $68,300, and families of three making up to $76,850. The mixed-used project will include community-serving retail space on the ground floor.
“Mayor Bowser is fighting for a livable, affordable DC because we want our city to be a place where residents at all income levels can thrive,” said Acting Deputy Mayor for Planning and Economic Development Nina Albert. “We are excited that Cycle House will help residents start their journey to economic prosperity with stable housing that they can afford.”
This project has received substantial support from the District. DMPED provided a 99-ground year lease; DHCD provided $1.3 million in 9 percent low-income housing tax credits (LIHTC) and DC LIHTC; and DC Green Bank provided $2 million of the construction financing. Cycle House is an important example of how the District can support the construction of affordable housing while utilizing green technology and, in doing so, create more housing for individuals, couples, and small families in Washington, DC.
In addition to being affordable, this building will also be Net-Zero. Using the latest technology, the building will use a mix of onsite and off-site solar panels to provide 100% of the power required to operate the building. Testing emerging technology on small-scale projects like this helps pave the way to a net-zero future, which is essential because the people most impacted by the rising cost of living are the same individuals who are disproportionately impacted by environmental hazards that come from climate change.
The project is on track to deliver in Summer 2025. To learn more visit DMPED’s website.
CONTACT:
Benjamin Fritsch (DMPED) – (202) 308-8640; [email protected]