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In 2005 the Mayfair Mansions Tenant Association organized a purchase of the property, selecting CPDC and MHCDO to assist with the acquisition, rehabilitate the buildings and maintain the Mansions as affordable housing - affordable mansions, technically.
The rental renovations began in 2007 and completed this past September. But, according to Paul Brown at CPDC, the condominium project, originally scheduled to deliver first quarter of 2010, is not "going to deliver this year. It probably is not ever going to deliver as a condo." Brown said the conversion to condo never happened and the building, sans renovation, still serves tenants. Brown said CPDC is working closely with MHCDO to figure out how to finish the renovations.
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The non-profit developers purchased the property with a $24.2 million loan provided by the District's Department of Housing and Community Development (DHCD). Additional funds for the residential renovations and the construction of a new community center came from the DHCD Housing Production Trust Fund (HPTF), Federal Historic Tax Credits, as well as Tax Exempt Bond financing and Low Income Housing Tax Credit allocations provided by DC Housing Finance Agency (HFA). Of the funds, $23 million went towards successfully revitalizing the 410 rental units. The $6.9 million set aside for undelivered condos, however, equates to lots of public money for development, which never happened. Kind of like Lehman Brothers.
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Wiencek + Associates and McDonald Williams Banks Architects served as the design team. Gilford Construction Corporation and Hamel Builders Inc. served as general contractors in a joint venture.
Washington DC real estate development news