The District of Columbia Housing Authority is also leading the project with William C. Smith Cos. The Office of the Deputy Mayor for Planning and Economic Development is providing $400,000 for predevelopment of the project and coordinating the New Communities work. The HOPE VI funding, besides moving the project closer to fruition, is also providing a psychological boost to the District, the spokesman says. "The [HUD] program has been scaled back in recent years. We see this as a real vote of confidence in the way the District has been able to use Hope VI grants in the past."
"These grants have been a great tool in helping turn around some of our most challenged communities," adds Mayor Adrian Fenty. The District has finished two projects, and has four more in the development stage. "They have been transformative in a lot of our neighborhoods."
One project under way, the Caper-Carrollsburg housing development, is located a few blocks away from the ballpark stadium. Under development by Mid-City Urban, Forest City and EYA, the phased project is delivering 1,400 units of affordable housing.
The newest HOPE VI grant is will be used to replace the 183-unit Sheridan Terrace public housing complex with 336 units of mixed-income housing, including 70 stacked townhouse units, 110 family townhouses, 56 manor homes and a 100-unit family and senior apartment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
