Project preserves affordable housing for 195 families, including those who are formerly homeless, in District as housing instability is exacerbated by the pandemic
Community and business leaders and residents joined representatives of Enterprise Community Development (ECD) for the grand opening and ribbon cutting of Randle Hill Apartments (3300 6th Street SE, Washington, DC 20032) in Washington’s Congress Heights neighborhood. The event celebrated the preservation of affordable apartment homes for 195 families, including 20 set aside for formerly homeless individuals and families, ensuring affordable housing maintains in the District of Columbia as housing instability is exacerbated by the pandemic.
“The opening of Randle Hill signifies our continued dedication to affordable housing preservation in the District of Columbia. This was a years-long process with extensive work to bring this building up to the 21st century with fundamental and structural necessities like electrical rewiring, insulation and plumbing,” said Brian McLaughlin, president of ECD. “We’re excited to provide our residents an elevated living experience where they can call home. We are grateful for community, government and business partners who shared our vision to uplifting this Southeast DC neighborhood.”
The $51M preservation project was made possible through a unique partnership between Enterprise Community Development, Bank of America, DC DHCD, DCHFA, Neighborworks Capital, Community Housing Capital and Enterprise Housing Credit Investments, LLC, and with the cooperation of the residents of Randle Hill, who ECD worked with to ensure no one was displaced during renovations.
Construction financing included $25 million in bonds from DCHFA and a $26.5 million loan from Bank of America. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital, and $15.3 million in Low-Income Housing Tax Credit equity from Enterprise Housing Credit Investments, LLC, to support this development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million.
“The spectacular renovation of Randle Hill was a great opportunity for Bank of America to work with our partners to address a key priority for modern affordable housing in the DMV,” said Larry Di Rita, President of Bank of America Greater Washington, D.C.
Renovations to the nine-building complex’s one-, two- and three-bedroom units include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures, and energy efficient features built to Enterprise Green Community’s standards. In addition, ECD’s signature suite of on-site resident services including workforce development, case management, educational and financial literacy programs and other essential services that offer opportunities for upward mobility for residents are being provided thanks to funding from TD Bank.
ECD’s preservation of Randle Hill is part of the company’s larger efforts to reimagine affordable housing that was originally built 50+ years ago in areas where new construction is pricing out residents and making the housing gap even wider, including Southeast DC. In addition to Randle Hill, ECD’s portfolio includes Meadowbrook Run, a 25-building affordable housing community with 259 units located next door.
The architect for Randle Hill was Associates Architects. The general contractor was Hamel Builders and Wiencek.
Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable and connected to opportunity. As a social enterprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 662,000 homes, invested nearly $53 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
Enterprise Community Development (ECD) specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, ECD was formed in January 2020 through the combination of Enterprise Homes, Inc. and Community Preservation and Development Corporation. Setting high standards for community planning, affordable housing and a curated residential experience, ECD strives to continue leading innovative solutions in the Mid-Atlantic’s housing market. The seventh-largest non-profit affordable housing provider in the country, and the largest regional provider in the Mid-Atlantic, ECD has developed more than 16,000 well-designed homes in over 100 communities across the Mid-Atlantic. ECD has offices in Baltimore, Washington, DC and Richmond and is part of the Enterprise family of companies. For more information, visit https://www.EnterpriseCommunity.org/financing-and-development/community-development.
