EukCal Apartments
EukCal's 50 family-sized apartments will provide affordable housing and supportive services for low-income families in a gentrified neighborhood in DC’s Ward 1. The property is restricted to residents with household income levels between 30% AMI and 50% AMI with two-thirds of the units for households earning less than 40% AMI. The project also includes an on-site 6,200 square foot arts center.
Loan Purpose: Enterprise bridge loan
Project: Affordable rental housing
The EukCal project will redevelop long-vacant buildings into a 50-unit affordable multifamily property. The renovated buildings will match the profile of neighboring buildings. The property is 100% income/rent-restricted, with some units subsidized for very low-income families.
Borrower: Jubilee Housing, Inc. (JHI) is a non-profit that has a highly experienced development and management team with a successful track record in rehabilitation and new construction. JHI has been actively developing and owning affordable housing since 1973 and currently owns and operates 15 buildings totalling 302 residential units. JHI is a high-impact organization working to preserve the long-term affordability of housing in Washington, DC.
Loan Details: Partners financed $1,750,000 of a total loan of $17,458,671 with Enterprise to bridge equity installments connected to federal and state Low Income Housing Tax Credit contributions. This loan is a second equity bridge loan with Enterprise and the fourth participation with this lending partner.