N Street Village, Washington DC
N Street Village, Inc.
N Street Village renovated its flagship property, which includes office, program and service space as well as affordable housing and a large garage. The housing units are a mix of traditional apartments and supportive housing suites for women with disabilities and special needs. In order to separately finance the residential and non-residential components of the project, the property was subdivided into multiple tax lots, with joint ownership issues addressed in a reciprocal easement agreement. The residential component was financed with tax-exempt bonds, low-income housing tax credit equity, a subordinate loan from DHCD, and a seller note. The non-residential component was financed with private dollars raised by N Street Village in a Capital Campaign, with a portion being reserved at closing to cover shared costs of improving common areas.