1164 Bladensburg Road, NE, Washington, DC
Neighborhood Development Company LLC
Total Development Cost – $23,000,000
Construction and Permanent Financing Closed January 2018
Audubon Enterprises was engaged by a joint venture led by the Neighborhood Development Company LLC (“NDC”) to serve as the exclusive financial advisor to its ground-up 4% LIHTC development reserved for seniors aged 55+ at 1164 Bladensburg Road NE. Once complete, this development will create 65 long term affordable homes in the Trinidad neighborhood of Washington, D.C. which has seen substantial residential pricing increases over the past decade.
The project was awarded funding in the Fall of 2016 through a competitive application process led by the DC Department of Housing and Community Development (DHCD). Audubon led the financing effort for the transaction by interfacing with the capital markets and local governmental agencies, leading up to a successful closing in January 2018. Despite the financial market turbulence following the presidential election and subsequent tax cuts, Audubon and it partners persevered on the path to the closing the $23 million transaction.
The community will be 100% age restricted to households aged 55 years and older, and all the apartments will be leased to households earning less than 50% of the Area Median Income. The building will contain 13 Permanent Supportive Housing units with services provided by Community Connections. Other development team members include Hamel Builders Inc., Grimm + Parker Architects, and Residential One LLC. The transit-oriented development is designed with ample community space including a wellness center and a fitness room.