Faircliff Plaza West Washington, DC

Property Information

  • Address: 1428 Clifton Street NW, Washington, DC, 20009
  • Number of Units: 112
  • Affordability: Project Based Section 8
  • Owner: FPW, L.P. is a partnership between Somerset Development Company, Eagle Point Enterprises and Faircliff Plaza West Tenant Association
  • Total Development Costs: $17.8 million

Awards

  • DC Housing Finance Agency 2010 Performance Award (Compliance)

Project Partners

  • Equity Investor: Related Capital Company
  • Lender: CharterMac
  • Issuer of Bonds and Tax Credits: District of Columbia Housing Finance Agency
  • Contractor: Hamel Builders
  • Architect: Grimm and Parker
  • Property Management: Eagle Point Management

In 2005, Somerset acquired Faircliff Plaza West, a 112 unit apartment complex in the Columbia Heights neighborhood of Washington, DC with its partners Eagle Point Enterprises and the FPW Tenant Association. Substantial completion of major renovations was completed in December 2005 which included new construction of a building which houses the leasing office, a new community center and computer lab. Total development costs for Faircliff Plaza West were $17.9 Million, which was financed with tax exempt bonds and Low Income Housing Tax Credits. 

The expiring Section 8 contract was renewed for 20 years to preserve the affordable rents. Substantial renovations have brought a new 20 year life to the property, where the residents were threatened with displacement in a rapidly appreciating neighborhood.   The substantial renovation of all 112 units included new kitchens, baths, HVAC systems, entrances, new security systems, new landscaping, lighting and fencing, and a playground. The new community center which houses a computer lab for the residents, and new on site resident services has brought new vibrancy to the community. The Faircliff Plaza West Community Center Association was established as a 501c3, and along with the FPW Tenant Association provides services including a Summer Program for children, after school programs, computer classes and activities for adults and seniors.