Ontario Court To Get $9M for Rehabilitation
- Feb 05, 2008
By Anuradha Kher, Online News Editor Washington, D.C.–Enterprise Community Investment, Inc., Jubilee Housing, Jubilee JumpStart and PNC Bank will rehabilitate the Ontario Court affordable housing apartments, located at 2525 Ontario Rd. NW in Washington, D.C.’s Adams Morgan community. All 27 units on this property will undergo renovations and a 24-hour child-care center will be built. Ontario Court is owned by Jubilee Housing and will continue to be affordable for low- to moderate-income families earning up to 80 percent of area median income (AMI). More than half of the apartments will be affordable to those earning 30 percent or less of AMI.“Enterprise is a long-time partner with Jubilee Housing in creating affordable homes for Washington-area families,” says Charles R. Werhane, vice chairman and CEO, Enterprise Community Investment, Inc., a provider of capital and expertise to affordable housing projects.This will be Enterprise’s first New Markets Tax Credit (NMTC) enhanced investment in D.C. The project is being financed with $8.6 million in NMTC enhanced loans from Enterprise, a $2.9 million loan from PNC Bank, a $3.4 million loan from the District of Columbia Department of Housing and Community Development’s Housing Production Trust Fund and other Jubilee Housing funds.“We are so pleased to be part of this exciting project,” says Jim Knight, president, Jubilee Housing. “It will guarantee a place in the neighborhood for low-income earners to stay for years to come.”The 29,700-sq.-ft. Ontario Court building will feature six one-bedroom apartments, 18 two-bedroom apartments and three three-bedroom apartments with an addition of 4,000 sq. ft. in commercial space for the Jubilee Jumpstart Early Childhood Development Center. The center will serve 46 children in full-day educational activities and offer night and weekend care for up to 24 hours.