Before the close proximity to public transportation and nightlife, a few hopeful members of the Church of the Savior saw promise in the 20009 zip code. They saw a need for safe, clean, affordable housing and responded.
Eventually they pooled their resources and purchased two buildings in Adams Morgan — The Ritz and The Mozart. This was the start of what we now know as Jubilee Housing. Since then, the organization has purchased and developed nine buildings with a tenth building under construction. In addition to providing permanent, deeply affordable housing in a thriving neighborhood, Jubilee also provides after-school programming and summer camp for the children of working families, counseling for individuals looking to stabilize their financial status, and supportive housing for people returning home after incarceration.
Washington, DC?is experiencing a period of unprecedented growth and development. Unfortunately, not everyone is benefiting from this prosperity. Today, one-fourth of DC residents earn less than a living wage. Market-rate rents in Adams Morgan range between $2,500 to $4,000 a month, which is far beyond the reach of District residents with the lowest incomes.
With a new?five-year plan, Jubilee Housing is determined to create a city where everyone can thrive. One of the most ambitious goals of the plan is to create an additional 100 units of deeply affordable housing, in Adams Morgan, Mount Pleasant, and Columbia Heights, over the next five years.
In a city where big developers are fighting for the chance to turn old properties into luxury condos, this is a tall order. To make these 100 units a reality Jubilee launched an innovative financing tool — the Justice Housing Partners Fund. This $5 million dollar fund will provide quick-strike acquisition capital for bridge financing, enabling Jubilee Housing to compete with market forces and build 100 units of deeply affordable housing in high cost neighborhoods.
Jubilee is seeking social impact capital for the Justice Housing Partners Fund for three-year investment terms, with a 2 percent capped return. This will provide Jubilee the critical time needed to assemble permanent financing. Once Jubilee obtains construction financing for a project, the original investment can be repaid with interest or reinvested, if desired.
The Share Fund — a donor-advised fund of the Community Foundation for the National Capital Region — led the way with a $1 million match investment, which inspired other institutional investors such as United Bank, which committed $250,000. To date, Jubilee Housing has raised over $2 million in commitments for the Justice Housing Partners Fund.
Jubilee Housing maintains that justice housingsm?– deeply affordable housing in thriving neighborhoods with onsite or nearby services — is a proven model that can keep our city diverse and make its communities equitable. Justice housing allows long-time DC residents to stay in their neighborhoods despite soaring rents, and for our city’s lowest income residents to move to communities with the most opportunity. The Justice Housing Fund makes it possible for DC to be a city where all races, ages, and incomes can thrive.