Somerset acquired Galen Terrace Apartments, a 84-unit, Section 8 property, in partnership with National Housing Trust-Enterprise Preservation Corporation and the Galen Terrace Tenant Association in 2006. The property is located in the Anacostia neighborhood in southeast Washington D.C. Utilizing tax exempt bonds and Low Income Housing Tax Credits through the D.C. Housing Finance Agency, and funding from the D.C.’s Department of Housing and Community Development, Somerset and its partners completed a renovation of the property in May 2007. The renovation included all new HVAC systems, new kitchens and baths, new windows, new entrances, new roof, new laundry rooms, a new community center with computer center, new landscaping, fencing and lighting, energy efficient appliances and systems and new security systems.
The renovations incorporated many "green" features that have made the building more energy efficient and healthier for residents. Galen Terrace was the first rehabilitated property in D.C. to meet all the green criteria under the Enterprise Green Community Initiative. The partnership is dedicating operating income soliciting grants, and establishing partnerships to support comprehensive services such as after school and summer programs, workforce development programs and organized activities for senior citizens. Total Development costs were $13.6 million.
Somerset and NHT-Enterprise’s won the 2008 Housing Achievement Award for “Best Project in DC” from the Housing Association for Non-profit Development (HAND).
Address: Galen Terrace, 1649 W St. SE; Washington, DC 20020 Number of Units: 83 (post rehab) Affordability: Project Based Section 8 Award: “Best Project in D.C.” 2008 Housing Achievement Award from HAND Construction Costs: $5.4 million Total Development Costs: $13.6 million
Owner: Galen Terrace, L.P. is a partnership between Somerset Development Company, The National Housing Trust-Enterprise Preservation Corporation and Galen Terrace Tenant Association. Equity Investor: Enterprise Community Investment, Inc. Lender: MMA Financial Gap Financing: DC Department of Housing and Community Development Issuer of Bonds and Tax Credits: D.C. Housing Finance Agency Contractor: Hamel Builders, Inc. Architect: EDG Architects Property Management: Eagle Point Management