Downtown@700-2nd

Downtown@700-2^nd recently had its grand opening in Albuquerque, New Mexico. The development, a 72-unit $13 million green affordable rental community, is home to formerly homeless persons, those with special needs, retirees and low-wage workers, as well as market-rate residents.

Opened in March and now 90 percent full, Downtown@700-2nd provides fully-furnished units to residents, and has a cafe, community garden and on-site space for service providers. The property is pedestrian friendly with links to bike routes, buses and the Rail Runner commuter train. Government offices, public library, restaurants, shops, services and several of Albuquerque's largest employers are within walking distance.

The Supportive Housing Coalition of New Mexico (SHCNM) is the state-wide non-profit organization that developed and owns Downtown@700-2^nd. SHCNM’s mission is to prevent and reduce homelessness and to increase the quality of life for people with behavioral health issues in New Mexico by creating affordable, supportive housing in partnership with local communities and member agencies.

The City of Albuquerque donated the land for this site and was funded through the Workforce Housing Trust Fund, the Mortgage Finance Authority Board, and Enterprise Community Partners among others.

By partnering with other public and private actors, SHCNM was able to give the city of Albuquerque a great project for its citizens. Downtown@700-2^nd would have been an impossible undertaking for a lone non-profit organization. Having a community-based non-profit organization spearhead this effort, made it possible for the community to rally around an innovative, and somewhat controversial project. Through creative financing and alliance building, SHCNM was able to make their dream a reality.

Press Release

Rhode Island Station

The Brentwood Neighborhood in NE Washington DC is getting a welcomed addition to the community in the form of a comprehensive development located next to the Rhode Island Metro Station. Rhode Island Station is stepping into the future of community development as a mixed-use, transit-oriented, public-private venture that incorporates smart growth theory, green design elements, and affordable housing. What more could you ask for?

This 107 million dollar project is the product of a joint venture between DC-based developers Urban Atlantic (formerly Mid-City Urban LLC) and Baltimore-based A&R. The mixed-use development will have 70,000 sqf of retail and restaurant space, 10 percent of which will be devoted to locally owned businesses. It’s residential aspect boasts 274 Class A apartments and 20 percent of all units will be affordable housing without subsidies.

The public-private financing that allowed this project to be possible in a down market is a wonder in-and-of itself. The project was leveraged by private equity and coupled with a myriad of public financing tools including the Low Income Investment Fund (LIIF), DC PILOT financing, and most notably HUD multifamily financing and Federal Treasury New Market Tax Credits.

Rhode Island Station will be located adjacent to Rhode Island Place, developed in 2005, which was a breath of life to the struggling community. The new town center signifies continued reinvestment in a great community that has been struggling over the past 20 years.

Rhode Island Station is wildly popular among community leaders and is being strongly supported by a Who’s Who List of Washington DC. That list includes Mayor Adrian Fenty, Mayoral Candidate Vincent Orange, Advisory Neighborhood Commission President Willam Shelton, Brentwood Civic Association President Earline Frazier, DC Council Member Harry Thomas Jr. (D-Ward 5), Deputy Mayor Valerie Santos, and the list goes on and on…