$14.4M Scope Made Possible by DC Housing Preservation Fund’s First Transaction
Photo Credit: Jon Sunray
Alexandria, VA – March 30, 2022: Joseph Development Inc, Wesley Housing, project partners, and residents celebrated the preservation and revitalization of Cedar Street Apartments, a 30-unit multifamily historic property in Washington, DC, with a ribbon cutting ceremony on March 29, 2022. Located in the Takoma neighborhood of Ward 4, this newly updated community offers 14 one-bedroom, 15 two-bedroom, and one (1) three-bedroom apartments for households whose income is at or below 60% of the area median income (AMI).
In November 2017, Cedar Street Apartments was severely damaged by a microburst storm that resulted in the need to vacate 40% of the apartments. In partnership with the Cedar Street Tenants Association (CSTA), Joseph Development Inc and Wesley Housing, were able to acquire the formerly neglected property, restore the vacant units, and renovate the entire property, preserving it as a critical affordable housing resource for generations to come. The combined rehabilitation scope totaled $14.4M and was financed with DC Housing Preservation Trust Fund (HPTF) dollars, 9% Low Income Housing Tax Credits, a first mortgage, tax credit equity from Bank of America, and a DC Sustainability Energy Utility grant.
“Cedar Street Apartments was the first transaction funded by the DC Department of Housing and Community Development’s (DHCD) Housing Preservation Fund,” said interim Director of DC DHCD Drew Hubbard. “It is so rewarding to see how that investment turned what was a severely neglected, storm damaged property into a high-quality, transit friendly, affordable housing resource for the Takoma neighborhood,” he continued.
Residents of Cedar Street Apartments now enjoy updated interiors, including new kitchens and bathrooms, new floors, individual heating and air conditioning controls, as well as amenities such as secure entry access, bike storage, and a community room. The property, which has met Enterprise Green Communities building standards, also boasts a variety of “green” features including solar arrays, new energy efficient lighting, and ENERGY STAR® appliances.
“This community is a wonderful example of how DC’s resources can be successfully deployed to preserve the city’s stock of “naturally affordable ” housing in neighborhoods of opportunity,” said Joseph Development Inc President Gerry Joseph. “It has been an extremely challenging but gratifying four-year process to bring this project to fruition. We are so thankful for the support of all of our partners who helped make it possible,” added Joseph.
Pictured: Jennifer Sumler, Longtime Resident and President of Cedar Street Tenants Association
Photo Credit: Jon Sunray
“The Cedar Street Tenants Association is pleased to finally have the renovation of our building complete. This project has overcome several challenges – including the ongoing COVID-19 pandemic – but we made it to the other side,” said CSTA President and longtime resident Jennifer Sumler. “We’re very grateful to everyone who helped us get here,” she added.
The property is managed by Wesley Property Management and Wesley Housing’s on-site resident services team offers year-round programs and services for residents including housing stability, education, health & wellness, and community engagement. In addition, local nonprofit partner, Friendship Place, provides case management and supportive services to individuals with special needs.
“Now that the preservation of this historic property is complete, the Wesley team is looking forward to more thoroughly delivering our award-winning resident services offerings and property management services to the property’s 68 residents,” said President/CEO Shelley Murphy. “We hope the residents will view 410 Cedar Street not just as an apartment building but as their HOME.”
About Wesley Housing: Wesley Housing, a leading nonprofit developer in Northern Virginia and the District of Columbia, has been working to provide affordable rental housing for individuals families for nearly 50 years. Since its founding, Wesley Housing has emerged as a premier developer of affordable housing. Wesley Housing has acquired or developed over 2,700 rental units, providing quality housing for thousands of at-risk individuals and families each year. Wesley Housing supplements housing with supportive services to build up the lives of its residents, including low- and moderate-income families, older adults, and individuals with disabilities and/or chronic disease. For more information, please visit www.wesleyhousing.org and follow @WesleyHousing on social media.
About Joseph Development Inc (JDI) – The principal of JDI has over 40 years of experience as an affordable housing real estate developer and consultant working in both the non-profit and for-profit sectors. These efforts have resulted in the development or preservation of over 5000 units of affordable housing involving over $600 million in financial investment. JDI has developed a particular focus working closely with tenant groups to ensure they are not displaced by redevelopment and gentrification. For more information, please visit www.josephdev.com.