Urban Village Washington, DC

Property Information

  • Address: 3403 16th St. NW, Washington, DC, 20010
  • Number of Units: 72
  • Affordability: A mixed income community with 67 units under Low Income Housing Tax Credit caps of which 52 are voucher holders. The remaining 5 “market” units are rent stabilized through a MOU with the tenants.
  • Total Development Costs: $11.5 million

Awards

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

Project Partners

  • Owner: UV, LP is a partnership between Somerset Development Company and the Urban Village Tenant Association.
  • Equity Investor: The Richman Group
  • Lender: DCHFA (HUD Risk Share)
  • Gap Financing: DC Department of Housing and Community Development (CDBG)
  • Issuer of Bonds and Tax Credits: DC Housing Finance Agency
  • Contractor: Monarc Construction
  • Architect: Ossolinski Architects
  • Property Management: Eagle Point Management

In 2003, Somerset in partnership with the Urban Village Tenant Association acquired and renovated the 72-unit apartment complex in the Columbia Heights neighborhood of northwest Washington, DC Utilizing tax exempt bonds and Low Income Housing Tax Credits issued through the DC Housing Finance Agency, plus Community Development Block Grant funds from the DC Department of Housing and Community Development, Somerset and the tenants were able to acquire the building and preserve the affordability of the property. Renovations, including new HVAC, new kitchens and baths, security systems, lights and playground, were completed in January 2004, on time and under budget. Since the expiration of its former Section 8 contract, the property had rapidly been converting to market. Somerset and the tenants were successful in re-instating the affordability requirements for the property. A new community space, a new office for the Community Center Association and a computer lab were constructed to provide a locus for resident services. Total development costs were $11.5 million.

Urban Village Community Center Association, run by the residents, was established as a 501c3 to provide resident services such as After School and Summer Programs, English as a Second Language classes, senior programs and computer instruction, and a community garden program.