New Affordable Housing Development Serves Seniors and Families, Represents Next Step in Revitalizing Southeast Washington
WASHINGTON, DC - January 31, 2012: The grand opening of Matthews Memorial Terrace, an affordable housing collaboration by Matthews Memorial Baptist Church, The Community Builders, Inc., city officials, community leaders, development and finance partners and local residents was celebrated yesterday in the city's historic Anacostia neighborhood.
The 99-unit Matthews Memorial Terrace consists of one, two and three-bedroom apartments located in a five-level, elevator-serviced building that includes a 52-space underground parking structure. The residential building will house seniors ages 62 and above, residents qualifying for public housing and those with incomes up to 60 percent of the area median income. Approximately one-third of the residential units are designated for each population. To maximize the mobility of senior residents, their housing units occupy the terrace level of the building and approximately half of the ground floor level.
Mayor Vincent C. Gray was on hand to welcome the first Matthews Memorial Terrace residents – the five-member Payton family from the neighboring Barry Farm public housing development. The mayor presented the family with the keys to their new rental homes. A choral ensemble from Matthews Memorial Baptist Church provided a musical backdrop for the festive ceremony.
“Matthews Memorial Terrace has become another exciting milestone in the continued renaissance of Ward 8,” said Mayor Vincent C. Gray. “We congratulate Bishop Matthew Hudson and the entire development team on the successful execution of this project. These kinds of developments are crucial to the success of our residents and families across the District.”
A joint venture of The Community Builders, Inc. and Creative Opportunities Ventures, Inc. (COVI) – the development arm of Matthews Memorial Baptist Church, Matthews Memorial Terrace is situated on property owned by and adjacent to Matthews Memorial Baptist Church. Matthews Memorial Terrace responds to community needs by making use of underutilized land to provide safe, affordable housing, while helping to revitalize the local neighborhood.
"As we come together to thank God Almighty for this monumental and historic occasion of a vision coming to fruition, I am reminded that a Godly vision can only be accomplished through an optimistic faith that views obstacles as opportunities and turns defeats into victory,” said Bishop C. Matthew Hudson, Jr., Matthews Memorial Baptist Church and president and CEO of Creative Opportunity Ventures, Inc. “And this, my beloved friends and partners, is a victorious day and time for celebration."
“With the completion of Matthews Memorial Terrace, The Community Builders is realizing its mission in the District of Columbia to build and sustain strong communities where people of all incomes can achieve their full potential,” said Bart Mitchell president and CEO of The Community Builders, Inc. “We have reached this milestone thanks to our committed partners, including COVI, the D.C. Housing Authority, the D.C. Housing and Finance Agency, the Deputy Mayor’s Office, the D.C. Council, Capital One Bank and Redstone Partners.
Building amenities include a community room, a meeting room with kitchen facilities, and a terrace level courtyard that will function as a green roof over the parking structure, ENERGY STAR®-rated kitchen appliances and HVAC for heating and cooling. In addition, the site is located on major transit routes, with bus stops at the site, and it is within walking distance of the Anacostia Metro station, which meets the Smart Growth aspects of green development. The building will also meet the requirements for a U.S. Green Building Council LEED® Silver Certification.
As part of the neighborhood’s Barry Farm/Park Chester/Wade Road redevelopment plan, Matthews Memorial Terrace helps to meet the goals of the District’s New Communities initiative, implemented by the Office of the Deputy Mayor for Planning and Economic Development. The new development also supports the City’s Green Communities and Great Streets initiatives.
The $22.5 million new construction development was financed in part by debt and equity investments purchased by Capital One Bank through tax-exempt bonds and 4 percent Low Income Housing Tax Credits issued by the D.C. Housing Finance Agency. The remainder of the financing was provided by loans from the Office of the Deputy Mayor for Planning and Economic Development and the D.C. Housing Authority, and a grant from the Office of the Deputy Mayor for Planning and Economic Development as part of their New Communities Initiative.
“DCHA is pleased to join the other public and private entities in this powerful partnership. Our investment of $6.8 million in capital funding for the building and the long term operating subsidy for 35 units will sustain 35 public housing families in this new development,” said Adrianne Todman, Executive Director of the DC Housing Authority.
Commenting on the impact the new development will have for the community, Ed Delany, senior vice president, Community Development Finance for Capital One Bank said, "Increased access to quality affordable housing helps individuals and families gain stability, which in turn enables them to focus on other life fundamentals such as work and education. We're proud to be a part of the collaborative effort that made Matthews Memorial Terrace a reality."
“Matthews Memorial Terrace is a stellar example of the type of housing we like to finance,” said Harry Sewell, executive director of the District of Columbia Housing Finance Agency. “As a result of a collaborative effort, Matthews Memorial will provide affordable, eco-friendly housing for dozens of seniors and families. I am proud that the HFA was able to play a part in a project so reflective of the exciting growth in the Anacostia community.”
“Red Stone through its relationship with Capital One was thankful for the opportunity to work in conjunction as partners with the Church and TCB on the development of Matthews Memorial Terrace, which will provide much needed affordable and quality housing to residents in the Ward 8 district.” said Bryan Kilbane, director of acquisitions for Red Stone Equity Partners. “Matthews Memorial Terrace is unique in that the property will target both senior citizens and families, and the property will continue to expand upon the Church’s strong presence in the neighborhood and hopefully be a catalyst for spurring continued redevelopment in the district. A special thanks should be given to Bishop Matthew Hudson, Jr. for his vision, continued dedication, and tireless efforts to help bring the project to fruition."
Resident applications are now being accepted for Matthews Memorial Terrace. More information is available at www.matthewsmemorialterrace.com.