Washington D.C. - August 2010. It is shaping up to be a pretty exciting (and busy) Summer 2010 for Mission First Housing Development Corporation, a Washington D.C. nonprofit corporation ("Mission First HDC").

In July, Mission First HDC helped to close on the acquisition of Dahlgreen Courts, a 95 unit apartment complex located at 2504 & 2520 10th Street NE. Working with the Dahlgreen Courts Tenant Association and the DC Department of Housing and Community Development (DHCD), Mission First HDC (through an affiliate-owned limited liability company) was able to acquire the two historic buildings and position the project for an eventual substantial rehabilitation projected for funding in Winter-Spring of 2011. This first phase of the project was funded through approximately $5 million in CDBG funds provided by DHCD. It is projected that this funding will then combine with 4% Low Income Housing Tax Credit equity/Tax Exempt Bond financing and Historic Rehabilitation Credits to allow for the rehabilitation and preservation of these 95 units of historic, affordable rental housing in the rapidly developing area of Brookland, just 1 block from the Rhode Island Avenue Metro Station.

On the heels of Dahlgreen, Mission First HDC helped orchestrate the closing of the 60 unit new construction project located at 1015 1st Street NW and known as The SeVerna. Partnering with Golden Rule Apartments, Inc., a DC nonprofit corporation and affiliate of the Bible Way Church, Mission First HDC (through a newly formed limited liability company) secured a total of $15.6 million in development funding for the Project. Such funding included LIHTC (9%) equity and equity and construction-perm financing from PNC Bank, National Association, New Communities funds from the DC office of the Deputy Mayor for Planning and Economic Development (DMPED), gap funding from DC Office of Housing and Community Development (DHCD), and capital grant funds from the DC Housing Authority (DCHA).

Mission First HDC is a member of the CPM Housing Group, a group of non-profit affordable housing companies. With over 20 year experience in developing and managing affordable housing for low income persons with a focus on persons with special needs, the CPM Housing Group currently controls and manages over 2000 units of affordable housing in the Philadelphia and Washington DC – Metro area.