The  Justice Housing Partners Fund, provides quick-strike acquisition capital for bridge financing, enabling Jubilee to better compete against market forces. Creating the Fund is the first tactic for delivering Goal 2 in “Justice Housing in Action”, Jubilee’s five-year plan for justice housing.  Goal 2 calls for Jubilee to increase the number of justice housingTM properties in Jubilee’s portfolio by 30 percent.

Under the Justice Housing Partners Fund model, a three to five year investment leverages permanent financing that yields a social return for multiple generations of Washingtonians with very low incomes. Jubilee’s 45 years of experience providing affordable homes and services in its core neighborhoods and track record of zero defaults or losses for investors makes the Fund a winning proposition all around.

In making more justice housing a reality, Jubilee is bridging the prosperity gap in D.C. For more information on how you or someone you know can invest in the future of our city and its residents, contact Rebecca Ely at rely@jubileehousing.org.

Investment Summary

With the invaluable financing support afforded by Justice Housing Partners, LP (the “Fund,”) Jubilee has already purchased two properties and is in negotiations for a third. Below are project descriptions for the first two buildings. All of the investments are in Jubilee Housing’s footprint of Adams Morgan, Columbia Heights and Mount Pleasant.

Investment #1 – 1724 Kalorama Road, NW

  • The currently vacant commercial building was built in 1923, sits on an 8,214 square foot site with three floors, 21,700 square foot in total.
  • The property is located in the vibrant Adams Morgan neighborhood, and less than a mile from four Metro stations and within a few blocks of a large park, grocery store, and schools.
  • Sitar Arts Center is next door. Sitar is a nonprofit program specializing in visual, digital, and performing arts for youth.
  • The renovated building will create 25 units of housing: nine one-bedrooms, seven two-bedrooms and nine three-bedrooms.
  • The 6,000 square foot ground floor will allow the Sitar Arts Center to expand their summer youth arts program and digital media program for young adults.
  • The penthouse, an additional 3,000 square feet, will serve as either office space for Jubilee Housing staff or meeting space for residents and neighborhood partners.


Investment #2 – 1460 Euclid St NW

  • The 25,000 square foot building was constructed in 1925. The property is in very poor condition with only 12 of 31 units occupied.
  • Under Washington, D.C.’s Tenant Opportunity to Purchase Act (TOPA) the residents of the building organized into a tenant association, exercised their rights, and assigned this right to purchase to Jubilee Housing.
  • The proposed redesign will create a 28,000 square feet building with an increase in the number of family sized units.
  • The proposed 25 units will include eleven one-bedroom, seven two-bedroom, five three-bedroom, and two four-bedroom apartments.
  • All current tenants will have a guaranteed place in the building after redevelopment.

 

Justice Housing Partners, LP in the News
Exclusive: Jubilee Housing to purchase Adams Morgan property for $10M. by Katie Arcieri for the Washington Business Journal

Adams Morgan project will convert vacant office to affordable housing, arts center. Here’s a look at the plans. by Michael Neibauer for the Washington Business Journal

What’s a nonprofit housing developer to do in hot real estate market? Raise an investment fund. by Katie Arcieri for the Washington Business Journal

Jim Knight: Justice Housing Partners Fund will increase equity for families. by Jim Knight for The DC Line News