DC Marks Renovation Milestone

Washington, DC Mayor Adrian Fenty took another step towards revitalizing one of the city’s worst neighborhoods when he announced the grand opening of a high rise development which provides intergenerational housing to low-income seniors and moderate-income workers.

The new development, The Overlook, is located in the district’s Ward 8 a notoriously poor and high crime area. The city, residents and community members worked with the Community Preservation and Development Corporation (CPDC) which acted as the project’s developer.

CPDC's mission is to develop vibrant communities through innovation and partnerships. To accomplish this, CPDC creates and preserves financially sound, socially responsible affordable housing for low- and moderate-income individuals and families and, in cooperation with community residents, develops community programs that strengthen communities and increase opportunities for growth.

A unique new, 316-unit development providing innovative, inter-generational housing to low-income seniors and moderate-income workers, The Overlook is designed to integrate affordable housing and resident services to meet the needs of seniors and working families. Built on the site of a 12-story high-rise, formerly known as Parkside Terrace, which was closed in 2005 because it was a major source of crime in this southeast neighborhood, today the Overlook offers extensive community amenities including gated security and resident services appropriate to each generation.

The building was rehabilitated and renovated through a partnership between the city, Community Preservation and Development Corporation (CPDC), Crawford Edgewood Managers Inc. (CEMI), Union Bank, Capital One Financial Corporation and other financial institutions. The $73 million project was financed in part through tax-exempt bonds issued by the DC Housing Finance Agency and purchased by Union Bank and through Low Income Housing Tax Credit equity provided by Capital One Bank. The DC Department of Housing and Community Development provided more than $20 million in gap financing. The District of Columbia financed the acquisition of the property using their new Site Acquisition Fund Initiative (SAFI), contributing $1.6 million toward a $4.5 million loan from Enterprise Community Loan Fund.

The Overlook is ingeniously designed to meet the needs of seniors and families. Floors one through seven are dedicated to seniors, with 5,000 square feet of community space, including a health-care suite, convenience store, hair salon, computer lab, movie room, event room and laundry room plus TV/reading rooms at each level. Seniors have secure access to their portion of the building.

The top five floors are reserved for working families with exercise rooms or reading rooms on every floor. All of these apartments have full-size washers and dryers. Many have beautiful views of parkland and the nation's capital. Every apartment at The Overlook has brand new energy-star rated appliances, low-flow faucets and other energy-saving features as well as high-speed Internet access. All residents will have access to three acres of green space with a walking path, tot lot and outdoor terrace area, a credit union with ATM service, access-controlled parking and other state-of-the-art security features.


HUD Dream Team Featured in Housing Magazine

The Affordable Housing Finance Magazine has a feature article on the senior staff put together by the Shaun Donovan, current Secretary of the Department of Housing and Urban Development (HUD). The article, entitled HUD Dream Team, features an interview with the HUD secretary discusses his management team. Many in Washington consider this management group the most experienced group of senior officials the department has ever had.


CDFI Application Webinar Scheduled for Wednesday, September 30

A second webinar for the fiscal year 2010 round of Community Development Financial Institutions (CDFI) Funds has been scheduled for those unsuccessful in registering for the September 28 session. The second one will take place Wednesday, September 30, 2009, at 2:00 p.m. Eastern Time. Registration is required. Anyone wishing to access the webinar must register here.

The CDFI Fund will post an archived version of the webinar on its website so that interested parties may learn how to apply to the FY 2010 round of the CDFI Program at their convenience over the internet by visiting the funds site.

In addition to the two webinar application workshops, the CDFI Fund will also be conducting five in-person application workshops. Registration is required for anyone wishing to attend one of the in-person application workshops and individuals must register through the CDFI Fund’s on-line registration system.

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