High Street
The High Street condominiums will result in 28 mixed-income, family-oriented, 1,200 square foot condos. 75% of the units are designated for homeowners earning less than 80% AMI.
This project improves housing stability and supports economic diversity by expanding affordable homeownership for low and moderate-income families.
Loan Purpose: Predevelopment
Project: Mixed-income condominium
The loan funded the predevelopment activities for a 34,934 square foot site that was awarded to the Neighborhood Development Company (NDC) in 2017. NDC has worked with the D.C. Department of Housing and Community Development to finalize the Property Disposition Agreement to arrange gap financing from the Housing Production Trust Fund.
Borrower: NDC is an experienced Washington, D.C.-based minority-led Certified Business Enterprise real estate development company that focuses on the revitalization of urban neighborhoods. NDC has led the development of over 50 projects totaling over one million square feet in real estate. They have partnered on projects representing an additional two million square feet. They currently manage nearly $75 MM in assets.
Loan Details: Partners participated $780,000 towards a $1,560,000 loan with National Housing Trust.