(Washington Business Journal) — In an effort to bulk up the District’s affordable housing stock, David Bowers is going east to what he calls D.C.’s “last frontier,” the less-developed parts of the city east of the Anacostia River.
Bowers, vice president of Columbia, Md.-based Enterprise Community Partners Inc., and his team plan to buy 1,000 units in 40 to 50 apartment buildings over the next three years. But first they need to raise $54 million in grants and borrowed public and private money at a mixed interest rate of 3 percent — no easy task at a time when public affordable housing incentives such as the District’s Housing Production Trust Fund subsidy have taken a nose dive.
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
