Number of Units

119

Year Developed

2003

Development Costs

$18.3 million

Goal

New construction of affordable senior housing

Description

Since 1989, Golden Rule Plaza Inc., a nonprofit affiliate of Bible Way Church, had sought to bring affordable senior housing to its community on land adjacent to the Church. In 2001, Mission First was brought in as a development partner and helped achieve that vision.

 

The new construction development at 1050 New Jersey Avenue NW provides 119 units of high quality apartment housing for seniors in a 7-story building. It is located in a rapidly developing area between Mt. Vernon Triangle and NOMA. Project amenities include a large community room and kitchen, an exercise room and a landscaped outdoor patio.

 

The project was financed with tax exempt bonds issues by the DC Housing Finance Agency under the HUD risk share program, gap financing provided by the DC Department of Housing and Community Development, FHLB Atlanta AHP grant funds and low income housing tax credit equity through RBC Capital Markets.

 

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

 

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