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NDC Completes Affordable Homeownership Community in DC’s Hillcrest
The Neighborhood Development Company has completed construction on Park27, a residential ownership community in the Washington, DC neighborhood of Hillcrest. Sales will be handled by MG Residential, an arm of The Menkiti Group.
Park27 offers for purchase 26 new, 100% affordable duplex condos and studios from 500 to 1,250 square feet. The project will be an Enterprise Green Community / Energy Star Certified building.
“As a native Washingtonian, I’ve seen firsthand the dramatic changes in our city that have made it harder and harder for longtime residents to own their own homes,” said Adrian G. Washington, CEO and founder of NDC. “We wanted both to increase affordable housing opportunities within the Hillcrest community, and to create an opportunity for families to build intergenerational wealth and security.”
The community was financed by a combination of a senior loan provided by LISC, funds from DHCD through the Housing Production Trust Fund and private equity.
- ◦Development
