Number of Units

183

Year Developed

2008

Development Costs

$27.9 million

Goal

Preservation of affordable family housing

Description

This 183-unit project-based Section 8 multifamily housing complex at 901 New Jersey Avenue NW was built in the early 1970s as an initiative of Bible Way Church to meet the community’s need for affordable housing. In 2006, Golden Rule Apartments, Inc. (a nonprofit development affiliate of Bible Way Church) partnered with Mission First and The Henson Development Company to undertake a total renovation of the building while preserving its affordability.

 

The extensive scope of work for the 9-story high rise included new kitchens, bathrooms, windows, and life and safety equipment. Renovations were completed without displacing residents: families were temporarily moved to “hotel” units in the building while renovations to their units took place. Amenities added to the property included a community room and a new playground.

 

The project was financed using HUD 221(d)4 financing and an IRP decoupling. DC Housing Finance Agency provided tax exempt bond financing, and the DC Department of Housing and Community Development provided gap financing from the Housing Production Trust Fund. RBC Capital Markets provided low income housing tax credit equity for the project.

 

Interested in living at Golden Rule Apartments? Click here for information.

 

*Developed by Mission First Development, predecessor of Mission First Housing Group.