Number of Units

96

Year Developed

2013

Development Costs

$20.7 million

Goal

Substantial rehabilitation of two historic buildings

Description

Mission First partnered with the Dahlgreen Courts Tenants Association (DCTA) to complete the rehabilitation of two historic buildings at 2504 and 2520 10^th Street NE, located two blocks from the Rhode Island Avenue Metro Station. Under the DC Tenant Opportunity to Purchase Act, known as “TOPA”, the DCTA assigned Mission First its rights to purchase the buildings in 2010. In 2011, Mission First began renovations, temporarily relocating residents from one building to the other to facilitate construction on the 96 units.

 

The four and five story buildings received full upgrades, including new kitchens and bathrooms, new plumbing and HVAC, new windows new roofs, and new elevators, while restoring and preserving historic elements. A new community room, exercise room, and business office were added as well for use by residents.

 

The project was financed with tax exempt bonds issued by the DC Housing Finance Agency under the New Issue Bond Program. Freddie Mac provided credit enhancement, and Capital One provided the letter of credit during the construction period.  The DC Department of Housing and Community Development provided acquisition and rehabilitation financing through the Housing Production Trust Fund. Raymond James provided low income housing and historic tax credit equity for the project. The Office of the Deputy Mayor for Planning and Economic Development provided funding from the Neighborhood Investment Fund for predevelopment expenses.