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Nonprofit taps creative financing in Adams Morgan
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WASHINGTON (Map, News) - With a decades-old mission to provide affordable housing to low-income families, nonprofit Jubilee Housing in Adams Morgan is utilizing a relatively new form of tax credits to bring together corporate and public interests.
“Community investment tied in with nonprofits can make a change,” said Dorothy Larimer, director of property management for Jubilee Housing.
The organization broke ground Tuesday on Ontario Court, one of seven Jubilee properties undergoing renovation. The 29,700-square-foot, 27-unit apartment building will be practically gutted, according to Kathy J. Guillaume, director of development for Jubilee Housing.
The whole project is a welcome change for nearby neighbors.
“Some people put a stigma to affordable housing,” Guillaume said. But when people came in and saw the new apartments, the “community was receptive,” and the buildings “improved the image of the whole area.”
The 85-year-old Ontario Court building is particularly unusual because unlike the others, it utilizes New Market Tax Credits, a program in which private companies that invest in the project get a tax deduction. This type of credit requires that part of the money be used for nonresidential space, such as a school, for low-income communities. The basement of the building will be turned into a 4,000-square-foot, extended-hours child care center run by Jubilee JumpStart, which will have 46 spots for children, including residents and children from other low-income families.
Currently, residents pay $369 for a one-bedroom apartment, $424 for a two-bedroom apartment and $501 for a three-bedroom unit.
Financial support for the $9.7 million project is provided by PNC Bank, which gave a $2.9 million loan, PNC New Markets Investment Partners, which fronted $2.8 million in equity, and D.C.’s Department of Housing and Community Development, which provided a $3.4 million loan. About $600,000 came from other sources.
Columbia-based Enterprise Community Partners is facilitating the loan at low-market interest rates, its first NMTC project in the metro area, according to local office director David Bowers.
PNC Bank will get a 39 percent tax credit on $9.4 million over seven years. Ontario Courts is the first project for the city’s Department of Housing and Community Development, said spokeswoman Najuma Thorpe, and the department hopes to use it as a model for future investments.
wblake@dcexaminer.com
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Examiner Reader said:
We need to see an updated story on the center they celebrate 40 years this year.
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Examiner Reader said:
Funny that the point has been lost in this article.Better take a good look at what you get into.
10 agree | 10 disagree
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James Hall said:
I'm honored and blessed to be working in the Youth Service arena, however I'm having difficulties locating events and activities for our youngmen who range from 12 through 18. The Summer for AT-RISK youth can offten be extremely dissapointing. If your agency has any resources that we can access please forward them to: James Hall; diamona4sure@yahoo.com. Our kids would really be greatful and appreciative!!! Mr. James Hall, Counselor Our Fortress Homes, Inc. 410-485-4958
11 agree | 10 disagree
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Examiner Reader said:
I guess the answer to my previous question is, "No, Mr. Corrigan is incapable of writing about anything other than Nonprofits." I guess the Examiner realizes that if he writes about anything else, Mr. Corrigan only spouts he own political views instead of reporting.
21 agree | 13 disagree
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Examiner Reader said:
While I realize that Mr. Corrigan has limited writing skills and he enjoys wearing out his Thesaurus in an attempt to impress people with his vocabulary, can't he write about anything other than Nonprofits?
19 agree | 10 disagree
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Examiner Reader said:
At least this time Mr. Corrigan wrote a variation on his theme of the past 10 weeks, instead of just the same story with different words.
19 agree | 11 disagree
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Examiner Reader said:
It seems as though the Examiner just lets Mr. Corrigan recycle the same story every week or so, and has let him do it for about the last 9 weeks. As much as I support recycling, I think it might be time for a new topic.
19 agree | 13 disagree
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Examiner Reader said:
It's only a matter of time. Plan thoroughly, consider all options, and where roadblocks are placed before you, find alternatives. Remember that during the Katrina evac, all the buses where in the up-scale part of town that the walkers from poor sections couldn't get to in time. Please be careful. People need you, but there are those who don't want you to succeed.
223 agree | 165 disagree
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Examiner Reader said:
With all the shady, non-taxed, I mean, so-called, non-profits in Maryland, working for a non-profit is working in the private sector.
185 agree | 187 disagree
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Huh? said:
"[T]his $1.6 million, 22-employee nonprofit has a track record to support its claim." Okay, fair enough. So, what's the track record? Also, if the org has helped about 1,000 women since 1994, that's fewer than 90 women per year and there are 22 employees! It had better be successful at that ratio. Another point: Not-for-profit is merely a tax status. It does not mean that administrators cannot earn a handsome salary. I am not suggesting that is the case here but there's a reason these places don't share that info without being asked.
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Examiner Reader said:
As a woman in recovery who needed balance in my life recovery houses such as M artha"s Place deserve to recieve all the available resources to help restore self-esteem, and save lives. How can we mimnimize lives by withholding funds. I am an alumni who's life has been restored because of Martha's Place! I thank God for Elder & Mrs.Harris for leaping out into an area many others have not and willnot accept the challenage to save lives!
319 agree | 309 disagree
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Examiner Reader said:
Hi! Thank you so much for printing this article. It is a wonderful summary of what this incredible organization does. My husband works for Jeff Singer. Jeff is an incredibly humble, gracious and loving person. He truly cares about each person who comes through his Center. He deeply appreciates the job that everyone does on a daily basis. One can only truly appreciate the magnificent compassion and respect this organization offers to our homeless friends by visiting the center and helping face-to-face, hand-to-hand and heart-to-heart as this family reaches out to those in need. Thanks again for helping to make our neighbors aware of the needs of our brothers and sisters and the assistance provided by these loving angels of mercy!
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Matthew C. Andrea said:
Please post the contact information for PlayPumps International. This concept is brilliant, fun and uplifting. Definitely something that I would like to support.
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Examiner Reader said:
When is Montgomery County going to realize that Casa of MD is taking them/us to the cleaners?
621 agree | 417 disagree
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