DC Green Bank, Jonathan Rose Companies, and Somerset Development Company today announced the closing of a $1.85 million pre-development loan to finance the design and planning of Faircliff Plaza East, an affordable housing redevelopment in Ward 1 of Washington, D.C. The loan will support engineering, architecture, planning, design, and sustainability assessments related to the redevelopment, including innovative financing provisions that decrease the interest rate for the loan as multiple sustainability and equity considerations are met by the project. Specifically, the project aims to meet the Passive House Institute US+ (PHIUS+) and LEED Platinum certifications and achieve an all-electric property with zero primary energy usage from fossil fuels. The redevelopment project is expected to increase the number of available affordable units in the building by more than 50%, from the current 80 units to an anticipated 125 units at the conclusion of construction.
Beyond the dual commitments to affordable housing and sustainability certifications for efficient design, the project is scheduled to include a solar-integrated green roof – delivering 67 kW of solar capacity and 98 MWh of annual production, in addition to the climate control, energy efficiency, and stormwater management benefits of the built-in landscaping on the roof. Furthermore, the building is expected to feature the usage of carbon-sequestering concrete as well as up to 10 electric vehicle charging stations. Accounting for the sum of its parts, the developers are angling to achieve net-zero energy operational carbon.
Eli Hopson, CEO of DC Green Bank, said of the project, “We are proud to support this groundbreaking project with a pre-development loan to showcase the numerous co-benefits of green investment. In just one project energy efficiency, affordable housing, solar and renewable energy, utility savings for residents, carbon sequestration, and local job creation combine to demonstrate what a thriving DC for all can be.”
Lauren Zullo, Director of Environmental Impact at Jonathan Rose Companies, said of the project, “Predevelopment financing that is paired with achieving sustainability goals is a really smart way to encourage greener design early in the development process, which helps both developers and municipalities meet their climate goals. We are proud to partner with DC Green Bank on this project and are hopeful this innovative loan will become a model for other cities and banks across the nation to follow.”
Patrick McAnaney, Project Manager at Somerset Development Company, stated that “the District has ambitious targets for affordable housing units as well as for climate, energy efficiency, and renewable energy. Our goal for this redevelopment is to demonstrate how these targets can work hand in hand to achieve both social and environmental progress. Once completed, this project will showcase how all communities are capable of leading the way to a more equitable, inclusive, and sustainable future.”