The National Housing Trust/Enterprise Preservation Corporation, in partnership with Somerset Development Company and the Galen Terrace Tenants Association, rescued and restored 84 affordable homes in the Anacostia neighborhood of Washington, D.C. The property was in a downward spiral from poor management, increasing criminal activity and physical deterioration. NHT/Enterprise helped the tenant association purchase the property while making substantial renovations. The property renovation includes better lighting, secure key card building entry systems, and surveillance cameras. Financial and technical support from Enterprise's Green Communities Initiative helped to make the buildings energy efficient, healthy for residents, and environmentally sustainable. The renovation includes low VOC paint, energy star appliances and lighting, efficient heating and cooling systems, new double-paned windows, green label carpeting and rain barrels to collect and reuse rainwater. Galen Terrace also includes a new on-site community center that will provide after-school and summer camp programs for youth and computer, financial literacy, and parenting classes for all residents.
Galen Terrace is a 100% project-based Section 8 property where tenants do not pay more than 30 percent of their incomes on rent. All its residents earn less than 50 percent of the area median income, and 77 of the 84 units are occupied by tenants earning below 30 percent of the area median income.
The project was financed through a combination of public and private sources, including: predevelopment loans from the Federal Home Loan Bank, a Green Communities Initiative Grant and tax credit equity from Enterprise Community, tax-exempt private activity bonds issued by the DC Housing Finance Agency and purchased by MMA Financial, subordinate debt from the DC Department of Housing and Community Development, and approval from HUD to renew the property's Section 8 contract for 20 years.