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$103M DC Affordable Housing Project Lands $38M
Developers of the affordable housing project known as Northwest One in DC’s Ward 6 have secured $37.8 million in financing through Berkadia Affordable Housing.
This funding will facilitate the completion of the project, which has a total cost of $103 million and aims to provide over 400 units across two buildings. The development is a joint venture by MRP Realty, CSG Urban Partners, and Taylor Adams Associates, who acquired the site through a public RFP process.
The project represents the first phase of D.C.’s New Communities Initiative, designed to preserve public housing while adding new affordable and mixed-family housing options. The completed development will offer units for individuals and families earning 30 to 60 percent of the area median income and will also include units for those who were previously homeless or at risk of homelessness.
- ◦Financing
