In partnership with Golden Rule Plaza Inc., a nonprofit subsidiary of Bible Way Church, and the Henson Development Company, Mission First Housing Group is starting construction on the Plaza West project. The development will include a 50 apartment homes for grandparents raising grandchildren who have a household income between 30% – 50% area median income. A second component of the development will consist of 173 apartment homes set aside for individuals and families making less than 60% of AMI.
The Grandfamilies component will provide significant support services, targeting the children and the seniors raising them. A social service consultant was engaged to define an appropriate scope of services and potential service partners have been identified.
This $90 million development project is financed with tax exempt bonds issued by DC Housing Finance Agency and 4% low income housing tax credits. Citibank purchased the tax exempt bonds and is providing construction and permanent financing. Capital One was the end investor on the tax credits that were syndicated through Enterprise. The DC Department of Housing and Community Development and the DC Department of Behavioral Health provided gap financing for the project, and the the Office of the Deputy Mayor for Planning and Economic Development provided NIF (Neighborhood Investment Fund) financing.
DC leaders and project partners joined Mission First Housing Group in celebrating the groundbreaking. The Honorable Muriel Bowser, Mayor, District of Columbia; The Honorable Charles Allen, Councilmember of Ward 6; Polly Donaldson of DC Department of Housing and Community Development; Brian Kenner, Deputy Mayor for Planning and Economic Development; Adrianne Todman and Todd A. Lee of DC Housing Authority; Bryan Dickson of Citi Community Capital; Edmund Delany of Capital One Bank; Reverend David Bowers of Enterprise Community Partners; Yvonne L. Williams and Pastor Ronald Demery, Jr. of Bible Way Church; and Alicia A. Terry, Esq. of Golden Rule Plaza, Inc. attended the event. Plaza West is expected to open in 2018.
