LISC DC provided a $1.6 million loan to MED Developers to acquire, stabilize and upgrade 4526 13th Street, NW. Our investment enabled the building, known as The Buchanan, to maintain its affordability, as well as undergo much needed renovations, repairs, and upgrades.After completion, it will have on-going property management and maintenance support.
The Buchanan is a 16 unit apartment building located in the Petworth neighborhood, one of the most rapidly gentrifying communities in the region where a growing number of apartment buildings are being converted to high priced housing, leaving long-term residents few decent options that they can afford. Built in 1920, The Buchanan is fully detached and has unique historic detailing. All units are 1BR-1BA, and fairly good sized for the city.
About half of the households in the building are immigrant families and the other half of the households are long-time DC residents. The tenants have tenaciously remained in their homes despite the previous owner’s serious neglect of the property. With approximately 1/3 of units vacant and an all-but ignored list of maintenance and security concerns, the tenants, almost exclusively low income residents,’ spirits were low.
The building’s unassuming celebrity is Ms. Virginia McLauren who, at 107 years young, may be the second oldest resident of the District of Columbia. Last year, video footage taken of Mrs. Virginia McLaurin’s visit with President Obama and First Lady Michelle Obama went viral shortly after the White House uploaded it to its Facebook page.
With LISC DC’s support, Mrs. McLaurin can continue her dance moves in the apartment in the neighborhood where she has lived since 1941, and find peace with the knowledge The Buchanan will be preserved as affordable housing for current and future residents.