By Tristan Navera, Washington Business Journal
Mi Casa Inc. has landed some of the money it needs to start work on a long-planned affordable housing project slated for 14 Florida Ave. NW in Truxton Circle.
D.C. Green Bank closed on a $255,728 pre-development loan for the new Barnett-Adan Apartments development in Ward 5. It will include a 3,000-square-foot office and 27 housing units for residents earning between 30% and 80% of the area median income. The project is to include permanent supportive housing, while Mi Casa Inc. plans to use the office as its headquarters.
This is the first project to benefit from D.C. Green Bank’s “Navigator” loan, a concept pioneered with Inclusive Prosperity Capital to provide gap financing for developments that are otherwise hard to finance. It will have a 1.99% interest rate and helps finance costs related to energy efficiency improvements, energy audits design and engineering work for green features. In Mi Casa’s original application to the Board of Zoning Adjustment filed in June 2019, it expressed a goal of building a net-zero project with solar rooftop panels.