Of the 58 units of housing to be developed in the project--single family, condo and limited equity coops--29 are to be affordable to households at or below 50% of the Area Median Income. An additional 23 units will be affordable to households between 50% and 80% of the Area Median Income. The remaining 6 units will be market rate. The land--stretching over six city blocks--that these properties are on has been valued at $1 million.
In phase one, Mi Casa, will rehabilitate three buildings--1302 Gallaudet, 1304 Gallaudet and 1917 Capitol Ave.--to create eight housing units. In phase two, Mi Casa, will build seven more units located on Capitol Ave., Kendall St., and Corcoran St. Manna will build 20 units in later phases, followed by MissionFirst, which will build 15 units, and then DC Habitat for Humanity, which will build eight units. According to the Mayor's office, only 12% of residents own their own home in this submarket--Ivy City--but once this initiative is complete that number is expected to double.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
