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Fenty Cuts Ribbon for 28 Million Dollars Affordable Housing Project on Georgia Avenue

Tuesday, March 31, 2009
Press Advisory for Immediate Release

Contact: Sean Madigan, 202-615-2029(cell); Feras Sleiman, 202-251-8829(cell)

(Washington, DC) – Mayor Adrian M. Fenty Tuesday joined executives from the Neighborhood Development Co. to celebrate the completion of the $28 million Residences at Georgia Avenue, a 72-unit mixed-use project that will include an organic grocery store.

“This project is a perfect example of how we can leverage our resources to both greatly improve the vitality of Georgia Avenue and provide residents with the kind of high quality and convenient neighborhood amenities they both expect and deserve,” Fenty said. “The Neighborhood Development Co. has been a great partner in this project and they are making a real difference here on Georgia Avenue.”

The Department of Housing and Community Development (DHCD) and the District Housing Finance Agency (HFA) together contributed almost $20 million in financing to support the project. About $6.7 million was used from the District’s from the Housing Production Trust Fund, which is administered by DHCD. The HFA secured more than $13 million in short term and long term debt financing.

All of the projects 72 units will be made affordable for families with incomes significantly below the area’s median income level. The project also includes a Yes! Organic Market, which will open later this summer.

There are currently a dozen projects – worth more than $400 million -- in various stages of development between Upshur Street and Irving Street along Georgia. They include more than 1,100 units of housing and 80,000 square feet of retail.
Late last year, the District authorized $740,000 in tax increment financing (TIF) for the Neighborhood Development Co.’s The Heights on Georgia Avenue at 3224-3234 Georgia Avenue. The project will include 10,000 square feet of retail, 70 residences and it is expected to create about 54 new jobs.