Jubilee Housing is excited to announce the acquisition of 1460 Euclid St NW. This new addition to Jubilee’s portfolio will preserve 25 units of deeply affordable housing for hardworking families in Columbia Heights, including five 3-bedroom and two 4-bedroom units.
Before Jubilee, this building had been declining for many years. While the existing rents are relatively affordable, they are in distressed condition and need a major investment in order to deliver another generation of use in this highly sought after neighborhood.
The Latin Economic Development Center (LEDC) helped the tenants to organize and “shop” for a buyer for their building. After many meetings with Jubilee Housing, the tenants assigned Jubilee their right to purchase the building under the District’s Tenant Opportunity to Purchase Act (TOPA).
This will be Jubilee Housing’s twelfth justice housing property. Justice housing combines deeply affordable homes in thriving neighborhoods with onsite and nearby supportive programs. These programs include affordable childcare, eviction prevention, financial counseling, health care, asset building, and more within just a few blocks.
1460 Euclid sits east of Malcolm X Park, within walking distance of a wealth of o resources that come with a thriving neighborhood. Residents of this building will be a short walk from multiple grocery stores, a library, schools, a Metro station, and multiple bus lines. This makes the building ideal for growing families and individuals looking to thrive.
“There’s a tension in this city and region that is enabling many people to find increasing opportunity and prosperity and yet is producing the opposite for way too many others. Justice is closing whatever gaps exist. That’s why our homes are called justice housing.” said Jim Knight, Jubilee Housing Executive Director.
This purchase is the second investment for the Justice Housing Partners, LP, which Jubilee Housing established earlier this year. JHP’s institutional investors include The Diane and Norman Bernstein Foundation, Share Fund, and United Bank. In addition, 11 individual investors and a substantial commitment from the A. James & Alice B. Clark Foundation were critical in making this acquisition.