United Bank Invests $270,000 in Justice Housing in the District’s Most Gentrified Neighborhoods

JubileehousingBlog, Press Release

Washington, D.C. – United Bank showed their dedication to supporting justice housing for families in the District by investing $250,000 in Justice Housing Partners, LP (The Fund) and a $20,000 donation to help launch a new strategic alliance pilot social services initiative called Platform of Hope.

The investment will help Jubilee Housing reach its goal of building 100 deeply affordable homes for families making 30% of the area median income (AMI) or less in the next five years. Jubilee Housing recently acquired two properties, 1724 Kalorama Road, NW and 1460 Euclid Street, NW with the use of The Fund, with United’s Joe LeMense and Terence Callahan procuring $10.5 million of senior acquisition bridge financing. The acquisitions were also made possible by investments from The Diane and Norman Bernstein Foundation, the Share Fund,11 individual investors and a substantial grant from the A. James & Alice B. Clark Foundation. These two acquisitions will add 50 units of affordable family dwellings to the stock of apartments in Washington D.C., which will include 2 four-bedroom apartments.

United Bank’s $20,000 donation to the Platform of Hope (POH), will support a collaborative alliance of Washington D.C. non-profits that came together to help Ward 1 families realize and achieve their housing, education, and wellness goals.

POH consists of the Capital Area Asset Builders, For Love of Children, Jubilee Housing, Jubilee JumpStart, Mary’s Center and Sitar Arts Center. Launched in September of this year, the pilot program started with 20 low-income families, guiding them to define and achieve success on their own terms with the support of POH resources, programs, and direction.

“United Bank’s generous investment and donation will allow us to counteract the District’s gap in prosperity by creating more opportunities for families to live in resource rich areas and access programs that will open more doors for them to build a strong foundation and thrive,” said Jim Knight, executive director, Jubilee Housing

 

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Jubilee Housing builds diverse, compassionate communities that create opportunities for everyone to thrive.

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