In April 2010, Somerset and its joint venture non-profit partner, THC Affordable Housing, Inc. (THCAH), along with the Webster Garden Tenants Association, acquired Webster Gardens, a 52 unit apartment complex located in Ward 4 -- one block from the Armed Forces Retirement Home (Old Soldiers Home). Mayor Adrian Fenty, Congresswoman Eleanor Holmes Norton, and other dignitaries presided at the groundbreaking ceremony in May 2010. The development team is currently undertaking a major renovation of the property, and will preserve affordable rents and the historic character of the property.  Built in 1921, Webster Gardens is one of the earliest garden apartments in the District of Columbia, designed by the noted Washington architect, Robert F. Beresford. The building has been placed on the National Register of Historic Places.  Construction is expected to be completed in early 2011.

The redevelopment of Webster Gardens will preserve the affordability of the property for a range of family incomes, 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) of the American Recovery and Reinvestment Act and the DC Housing Production Trust Fund. The DC Housing Authority is providing rent subsidy and a capital grant through its Local Rent Subsidy Program in support of 16 families on site.  Transitional Housing Corporation will provide a rich program of resident services. Total development costs are $13.36 million.

Property Information
Address: 124,126,128, 130 Webster Street, NW Washington, DC 20011
Number of Units: 52
Affordability: LIHTC, 16 Local Rent Subsidy units, HPTF
Construction Costs: $4.77 million
Total Development Costs: $13.36 million

Project Partners
Owner: Webster Gardens, LP, a partnership between Somerset, THC Affordable Housing and the Webster Garden Tenants Association.
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
Subordinate Financing: DC Housing and Community Development through the Tax Credit Assistance Program and the Housing Production Trust Fund
Capital Grant and Rent Subsidy: DC Housing Authority
Contractor: Hamel Commercial Inc.
Architect:  EDG Architects
Property Management and Leasing: Edgewood Management Corporation

---

Hubbard Place | Professional Arts Building | Station North Townhomes | Urban Village | Faircliff Plaza East | Faircliff Plaza West | Galen Terrace | 1701 N. Calvert Street | Fort View Apartments | Webster Gardens