In May 2011, Somerset and its joint venture partner, THC Affordable Housing, Inc., completed the historic renovation of Fort View Apartments. Formerly known as Fort Stevens Place, these once vacant buildings are located  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 was placed on the National Register of Historic Places by the development team. The property has been restored to its historic character and preserved as affordable housing for 62 families with a range of incomes, turning what were blighted building into a vibrant, new community asset.

The redevelopment of Fort View provided upgrades in its infrastructure and safety standards, provided new landscaping and lighting, and common spaces.  In meeting the City’s building green environmental standards, all environmental hazards have been remediated and energy efficiency has been vastly improved. New community spaces, a computer lab and an on-site management office have been built and the historic character of the building has been preserved. 

The financing for the acquisition and redevelopment was 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. was the syndicator of the Low Income Housing Tax Credits and Historic Tax Credits, and Bank of America was the construction lender.  The DC Department of Community Development provided a loan through the federal TCAP (Tax Credit Assistance Program) and the Community Development Block Grant. The D.C Housing Authority provided a capital grant through its Local Rent Supplement Program and is providing rent subsidy in support of 18 families on site.  Transitional Housing Corporation is implementing a rich program of resident services. Total development costs were $19.27 million.

Property Information
Address: 6000, 6030 13th Place NW Washington, DC 20012
Number of Residential Units: 62
Affordability: LIHTC, 18 Local Rent Supplement 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 (TCAP) and Community Development Block Grant
Capital Grant and Rent Subsidy: DC Housing Authority, LRSP
Contractor: Hamel Commercial Inc.
Architect:  PGN Architects, PLLC
Property Management and Leasing: Eagle Point Management

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