In 2003, Somerset in partnership with the Urban Village Tenant Association acquired and renovated the 72-unit apartment complex in the Columbia Heights neighborhood of northwest Washington, D.C. Utilizing tax exempt bonds and Low Income Housing Tax Credits issued through the D.C. Housing Finance Agency, plus Community Development Block Grant funds from the DC Department of Housing and Community Development, Somerset and the tenants were able to acquire the building and preserve the affordability of the property. Renovations, including new HVAC, new kitchens and baths, security systems, lights and playground, were completed in January 2004, on time and under budget. Since the expiration of its former Section 8 contract, the property had rapidly been converting to market. Somerset and the tenants were successful in re-instating the affordability requirements for the property. A new community space, a new office for the Community Center Association and a computer lab were constructed to provide a locus for resident services. Total development costs were $11.5 million.

Urban Village Community Center Association, run by the residents, was established as a 501c3 to provide on-site resident services such as After School and Summer Programs, English as a Second Language classes, senior programs and computer instruction.

Property Information
Address: Urban Village Apartments, 3403 16th St. NW; Washington DC 20010
Number of Units: 72
Affordability: A mixed income community with 67 units under Low Income Housing Tax Credit caps of which 9 units are a Project-Based Section 8; 29 Preservation Vouchers; 6 Affordability Vouchers. The remaining 5 “market” units are rent stabilized through a MOU with the tenants.
Awards: DC Housing Finance Agency 2010 Performance Awards (Compliance and Inspection)
Total Development Costs: $11.5 million

Project Partners
Owner: UV, LP is a partnership between Somerset Development Company and the Urban Village Tenant Association.
Equity Investor: The Richman Group
Lender: DCHFA (HUD Risk Share)
Gap Financing: DC Department of Housing and Community Development (CDBG)
Issuer of Bonds and Tax Credits: DC Housing Finance Agency
Contractor: Monarc Construction
Architect: Ossolinski Architects
Property Management: Eagle Point Management

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