Washington, D.C.—October 31, 2018— Jubilee Housing, Inc. closed on the purchase of 1460 Euclid Street NW, preserving deeply affordable housing in Ward 1’s high-rent Columbia Heights neighborhood. The purchase was made possible after the 1460 Unidos Tenant Association, Inc. assigned its right to purchase under the District’s Tenant Opportunity to Purchase Act to Jubilee Housing, which will allow current building residents to pay the same rent they pay now or less after a full renovation of the property.
With this acquisition, Jubilee expands the availability of justice housing TM in one of the city’s most desirable communities.
Justice housing combines deeply affordable homes with onsite and nearby supportive programs, in thriving neighborhoods. Post-renovation rents at the Euclid Street property will be approximately one-third of market rents for the neighborhood, where the average two-bedroom apartment rents for $2,400. The building is near supportive family services offered by Jubilee Housing and other nonprofits as well as within walking distance of community health centers, grocery stores, and public transportation.
“We are excited to be able modernize the conditions of 1460 Euclid and extend affordable rents there another for generation, enabling current tenants to stay in the homes and neighborhood they know and love,” said Jim Knight, executive director of Jubilee Housing.
“So many city residents are being priced out of neighborhoods they’ve lived in for decades and left out of the city’s growing prosperity. As a nonprofit developer, Jubilee Housing is working to create inclusive, equitable communities with abundant opportunity for all,” he said.
This purchase is the second investment for the Justice Housing Partners, LP, which Jubilee Housing established earlier this year. Justice Housing Partners, LP’s institutional investors include The Diane and Norman Bernstein Foundation, Share Fund, and United Bank. In addition, 11 individual investors and a substantial commitment from the A. James & Alice B. Clark Foundation were critical in making this acquisition.
Jubilee Housing wishes to express its thanks to the partners who helped make this purchase possible, especially United Bank, which is the first position lender on the project as well as an investor in Justice Housing Partners, LP.
“United Bank is committed to ensuring the vibrancy of communities throughout our footprint and helping residents achieve financial stability,” said Joseph LeMense, United’s managing director of Community Development and Nonprofit Banking. “This marks the eighth Jubilee property that United has financed in Adams Morgan/Columbia Heights, and we are proud that our partnership continues to help build a stronger foundation for local individuals and families.”
Jubilee will move current residents to temporary housing in the Columbia Heights area, at no charge, while the building undergoes rehabilitation.
The four-story property, which was built in 1926, sits adjacent to Meridian Hill Park. Construction will begin in 2019 and will include a new facade, elevator, and larger, family-sized units.
Jubilee Housing builds diverse, compassionate communities that create opportunities for everyone to thrive.