On May 25, 2006, LISC closed on $3 million in financing to help the residents at The Martin Luther King Jr. Latino Cooperative in Shaw become owners of their 74-unit building. The building, located at 1236 11th St. NW will be converted to a limited-equity cooperative and preserved as affordable housing.
The building houses 70 Latino families from various countries including Guatemala, El Salvador, and Mexico, and serves as a community with extensive social, familial and economic ties.
Upon learning that their building was for sale the tenants became fearful that their homes might be converted to luxury condominiums or a commercial building. The historic 7 story building is in substantial disrepair, but the residents depend on its convenience to the downtown job market and want to remain in the community.
Most rely on easy transportation to get to downtown jobs in retail, restaurants, office cleaning, security, and hotel work. Many have made their own repairs to their units, painting walls and patching plaster, and nearly all are eager to fight for the opportunity to remain in their homes.
With the help of longtime LISC partner One DC (formerly Manna CDC) and the National Housing Trust, the tenants will not only remain in their building but will become owners.
Permanent and renovation financing will be provided by the DC Department of Housing and Community Development.