WASHINGTON, January 15, 2019 (Newswire.com) - The Michaels Organization and its development partners, Emmanuel Baptist Church, and Ainger Place Development Corporation will host a ceremonial groundbreaking for Ainger Place Apartments, a new three-story, 72-unit affordable apartment community being constructed in Washington, D.C.’s Ward 8. The $29.3 Million housing development will be 100 percent affordable for families with incomes up to 50 percent of the Area’s Median Income (AMI) and will have eight apartments permanently set-aside for the formerly homeless. Financing includes $10.1 million raised through the sale of federal Low Income Housing Tax Credits, $13.75 million via tax-exempt bonds, issued by the D.C. Housing Finance, Agency, a $5.95 million HUD FHA-insured loan from SunTrust Bank, and $10.69 million from the Washington, D.C.’s Housing Production Trust Fund.
Speakers will include:
- Rev. Christopher Nichols, Emmanuel Baptist Church
- Ward 8 Councilmember Trayon White
- DC Dept of Housing & Community Development Director Polly Donaldson
- DC Housing Finance Agency Executive Director & CEO Todd Lee
- Terry Gould, Executive Director, Ainger Place Development Corp.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart educational, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
WHAT: Ainger Place Apartments Ceremonial Groundbreaking
WHEN: Thursday, Jan. 17, 12:30 p.m.
WHERE: 2409 Ainger Place SE, Washington, DC 20020
Source: The Michaels Organization