NRP Group JV Breaks Ground on DC Affordable Project
The transit-oriented property will include 115 units.
The partnership between The NRP Group and Marshall Heights Community Development Organization Inc. has broken ground on Emblem, a 115-unit affordable housing community in Washington D.C.
Upon its expected completion in 2026, the community will serve families and individuals earning up to 30 and 50 percent of the area median income. PGN Architects is the project’s main architect, while GPI will provide essential building services.
The 13-story, flatiron apartment building will include a fitness center, a business center, a clubhouse, a playroom, bike storage and a multi-purpose community room, among other amenities. Emblem will also include approximately 2,700 square feet of retail space.
The community will also feature social services such as targeted financial service training and entrepreneurship and economic mobility programming.
READ ALSO: How Teamwork Can Push Affordable Housing Projects Across the Finish Line
Located at 301 Florida Ave. NE, Emblem is within in the middle of the NoMa and Union Market neighborhoods. The transit-oriented development is near the intersection of Route 50 and Interstate 395, as well as within walking distance of the city’s Metro system and two high-frequency bus lines. The U.S. Capitol Building, Union Market District and Gallaudet University are under 2 miles from the site.
Securing Funds for Affordable Housing
The funding for Emblem’s development includes $47.6 million in tax-exempt bonds issued by The D.C. Housing Finance Agency, as well as $32.3 million in Low-Income Housing Tax Credits, as reported by CommercialObserver. D.C.’s Housing Production Trust Fund provided $33.1 million, while $9.5 million originated from Green Bank and state Low-Income Housing Tax Credit funds. Other financial partners included in the project are Department of Housing and Community Development, DC Housing Authority and Bank of America.
The NRP Group and Forward Thinkers Development has opened The Renaissance at Lincoln Park, an estimated $100 million project financed with $48.5 million in tax-exempt bonds issued by The New York State Housing Finance Agency and a $2.3 million note from Washington House Housing Development Fund Corp. The 179-unit affordable housing community is in New Rochelle, N.Y.
