LISC DC has made several investments in DC’s Brightwood neighborhood, totaling over $48 million and preserving nearly 600 units of affordable housing.
Brightwood Park has been an area of focus for LISC in recent years, a reflection of the area’s escalating housing costs and critical need for investments in the preservation of affordable housing.
Brightwood Park is a residential neighborhood with close proximity to two rapidly changing commercial corridors. Georgia Avenue, a few blocks east of the property, provides extensive bus transit, and is home to many retail businesses, including a new Walmart, community facilities, parks, and historic sites such as Fort Stevens. Kennedy Street, a historic corridor that recently formed a neighborhood association to revive commercial businesses, is located to the south of the property. Both Georgia Avenue and Kennedy Street are experiencing increased investment; in recent months, several new cafes, bars, and restaurants have opened along both corridors. The redevelopment of the large Walter Reed Medical Center will further reshape Georgia Avenue.
One example of our investment is at the Homestead Apartments at 812 Jefferson Street NW. This apartment building will receive a $13 million makeover. The new 45 unit apartment building, finished in the summer of 2017, is restricted to residents earning 60 percent of the area median income as well as 10 market-rate homes.
The renovated apartments include electrical and elevator upgrades, new kitchen cabinetry, roofing, and windows. Plumbing, bathrooms, and the HVAC system are also improved and the completed building has a laundry room, parking garage, and courtyard with a patio and picnic area.
LISC DC provided a $100,000 earnest money deposit loan to the Jefferson Homestead People United Tenant Association to serve as an earnest money deposit as they sought to pursue their rights under the District’s Tenant Opportunity to Purchase Act (TOPA).