Faircliff Plaza East Washington, DC

Property Information

  • Address: 1350 Fairmont Street, Washington, DC, 20009
  • Number of Units: 80
  • Affordability: Project Based Section 8
  • Owner: FPE, LP is a joint venture between Eagle Point Enterprises and Somerset Development Company
  • Total Development Costs: $10.5 million

Awards

  • DC Housing Finance Agency 2010 and 2011 Performance Awards (Compliance and Inspection)

Project Partners

  • Equity Investor: Related Capital Company
  • Lender: CharterMac
  • Issuer of Bonds and Tax Credits: District of Columbia Housing Finance Agency
  • Contractor: Monarc Construction
  • Architect: Ossolinski Architects
  • Property Management: Eagle Point Management

In 2002, Somerset and Eagle Point Enterprises of Portland, Maine acquired and completed the renovation of Faircliff Plaza East Apartments, an 80-unit apartment building located in the Columbia Heights neighborhood of northwest Washington, DC The project, with total development costs of $10.5 million, was financed with tax exempt bonds and Low Income Housing Tax Credits issued through the DC Housing Finance Agency.

The redevelopment upgraded the infrastructure of the property and preserved the affordability by renewing the Section 8 contract for twenty years, in a neighborhood threatened with market displacement. Improvements to the property included the construction of a new community space and computer lab; and the project was delivered on time and under budget. The developer established Faircliff Community Center Association, a 501c3 to provide resident services, which has been successful in raising funds and establishing partnerships for resident services. The community center provides a space for resident services including: tutoring and summer programs for children, skills training for adults, computer instruction, and other services. The mayor of Washington, DC dedicated the renovated property and new community center in a ceremony in November 2002.