Developments of Distinction
1st Place Award
Fort View Apartments and Webster Garden Apartments Washington, D.C.
The two-property, six-building, 114-apartment Fort View Apartments and Webster Gardens Apartments were redeveloped using 26 sources of acquisition and construction funding. Total development costsfor both properties were $32.63 million. Funding included tax-exempt permanent bondsissued through the New Issue Bond Program, tax-exempt construction period bridge bonds, low-income housing and historic tax credit equity, soft subordinate loans, deferred developer fee loans, fundsfrom operations, a storm water management grant, a D.C. grant for predevelopment funding, gap acquisition funding from the Episcopal Diocese of Washington and funding for resident service programs.
Development Team: Somerset Development Company, THCAffordable Housing, Webster Gardens Tenants Association, Enterprise Community Investment Inc., Bank of America, Wincopin Circle LLP, Bank of America, D.C. Housing Financing Agency, Freddie Mac, Prudential, D.C. Housing and Community Development, Hamel Commercial Inc., PGN Architects PLLCand Eagle Point Management, Episcopal Diocese of Washington, D.C. Department of the Environment, D.C. Office of Planning and Economic Development, Coalition ofNon-profit Housing and Economic Development, Fannie Mae, and Community Development Support Collaborative.
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Honorable Mention
Park Place City Center
Sault Ste. Marie, Michigan
It tookG.A. Haan Development three attemptsto secure 9 percent low-income housing tax creditsfor Park Place City Center in Sault Ste. Marie, Mich. Due to the economic downturn, Haan was unable to sell the credits. Along came the American Recovery and Reinvestment Act, Haan returned itscredits, requested an allocation of Section 1602 Exchange Funds, and the 24-unit Park Place City Center was off and running with financing sourcesthat included exchange funds, HOMEfunds, historic tax credits and Brownfield/Michigan Business Tax Credits.
Development Team:G.A. Haan Development, Oakwood Construction, U.P. Engineers & Architects, MSHDA and Diane Peppler Resource Center.
