The developers behind the affordable housing project, Northwest One in Washington D.C.’s Ward 6, have successfully secured $37.8 million in financing through Berkadia Affordable Housing. This substantial funding will facilitate the completion of the project which has a total cost of $103 million and aims to provide over 400 units across two buildings. The joint venture between MRP Realty, CSG Urban Partners, and Taylor Adams Associates acquired the site through a public RFP process.
This development marks as phase one of D.C.’s New Communities Initiative that focuses on preserving public housing while also adding new affordable and mixed-family housing options. Upon completion, this project will offer units for individuals and families earning between 30 to 60 percent of the area median income. Additionally, it will include units for those who were previously homeless or at risk of homelessness.
