In April 2010, Somerset and its joint venture partner,THC Affordable Housing, Inc., acquired Fort Stevens Place Apartments, two vacant buildings located at 6000-6030 13th Place, NW  in Ward 4-- adjacent to the historic Fort Stevens Park.  The apartments have been renamed Fort View Apartments, which was their original name.  Built in 1939, Fort View was designed by George Santmyers, a well-known architect in Washington, DC and has been placed on the National Register of Historic Places. The property will be restored to its historic quality and preserved as affordable housing for 62 families with a range of incomes, turning what is now a blighted building into a community asset.  Construction completion is expected in spring of 2010. 

The redevelopment of Fort View will provide upgrades in the infrastructure and safety standards, and thoroughly renovate all of the units, provide for new landscaping and lighting, and common spaces.  In meeting the City’s building green environmental standards, all environmental hazards are being remediated and energy efficiency will be vastly improved. New community spaces, a computer lab and an on-site management office are being built and the historic character of the building will be preserved. 

The financing for the acquisition and redevelopment is provided by DC Housing Finance Agency’s New Issue Bond Program sponsored by the U.S. Treasury with credit enhancement from Freddie Mac.  Enterprise Community Investment, Inc. is the syndicator of the Low Income Housing Tax Credits and Historic Tax Credits, and Bank of America is the construction lender.  The DC Department of Community Development provided a loan through the federal TCAP (Tax Credit Assistance Program) and the DC Housing Production Trust Fund. The D.C Housing Authority is providing rent subsidy and a capital grant through its Local Rent Subsidy Program in support of 18 families on site.  Transitional Housing Corporation will provide a rich program of resident services. Total development costs are $19.27 million.

Property Information
Address: 6000, 6030 13th Place NW Washington, DC 20012
Number of Residential Units: 62
Affordability: LIHTC, 18 Local Rent Subsidy units, CDBG
Construction Costs: $5.08 million
Total Development Costs: $19.27 million

Project Partners
Owner: Fort View, LP, a partnership between Somerset and THC Affordable Housing
Equity Syndicator: Enterprise Community Investment, Inc
LIHTC and Historic Tax Credit Investor: Wincopin Circle LLLP
Construction Lender: Bank of America
Issuer of Bonds and Tax Credits: DC Housing Finance Agency through the New Issue Bond Program of the U.S. Treasury
Bond Enhancement:  Freddie Mac and Prudential
Gap Financing: DC Housing and Community Development through the Tax Credit Assistance Program and Community Development Block Grant
Capital Grant and Rent Subsidy: DC Housing Authority
Contractor: Hamel Commercial Inc.
Architect:  PGN Architects, PLLC
Property Management and Leasing: Edgewood Management Corporation

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