1164 Bladensburg Road NE

Construction and Permanent Financing Closed January 2018

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Total Development Cost – $23,000,000

Audubon Enterprises – was engaged by a joint venture led by the Neighborhood Development
Company LLC (“NDC”) to serve as the exclusive financial advisor to its ground-up 4% LIHTC
development reserved for seniors aged 55+ at 1164 Bladensburg Road NE. Once complete, this
development will create 65 long term affordable homes in the Trinidad neighborhood of
Washington, D.C. which has seen substantial residential pricing increases over the past decade.
The project was awarded funding in the Fall of 2016 through a competitive application process
led by the DC Department of Housing and Community Development (DHCD). Audubon led the
financing effort for the transaction by interfacing with the capital markets and local governmental
agencies, leading up to a successful closing in January 2018. Despite the financial market
turbulence following the presidential election and subsequent tax cuts, Audubon and it partners
persevered on the path to the closing the $23 million transaction.
The community will be 100% age restricted to households aged 55 years and older, and all the
apartments will be leased to households earning less than 50% of the Area Median Income. The
building will contain 13 Permanent Supportive Housing units with services provided by
Community Connections. Other development team members include Hamel Builders Inc.,
Grimm + Parker Architects, and Residential One LLC. The transit-oriented development is
designed with ample community space including a wellness center and a fitness room.