Description

• 119 units of affordable senior housing
• Spacious studio, 1, and 2-bedroom units
• New construction of 7-story mid-rise
• Community room, exercise facilities, and outdoor patio area
• Accessible units designed to accommodate aging residents

Owner
Golden Rule Limited Partnership

Developer
MissionFirst Development
Golden Rule Plaza

Architect
Envision Design

Management
Columbus Property Management & Development, Inc.

Funding Partners

• District of Columbia Department of Housing and Community Development
• District of Columbia Housing Finance Agency
• Apollo Housing Capital
• Federal Home Loan Bank Atlanta

The Challenge
The story of Golden Rule Plaza began in 1989. Bible Way Church had plans to build affordable apartments for seniors in their community. However, over the next 10 years they were faced with many obstacles. By 1999, they had invested $800,000 in the project and had yet to even reach the construction phase.

The Solution
In 1999, MissionFirst took a fresh look at the project, re-evaluating everything from the site development, architectural plans, and choice of construction financing, including obtaining grants and tax credits. MissionFirst was able to find public financing partners who issued $10 million in debt financing and another $7 million in tax credits.

MissionFirst worked side-by-side with Golden Rule Plaza, Inc., the Church’s development group, making adjustments to the original plans as necessary. For example, one change involved re-evaluating the needs and wants of the intended senior population. Initially, architects had planned an “arts & crafts” room; however, when MissionFirst surveyed potential residents they found they wanted an exercise room. The building now includes many other areas for socializing, including a large community room that accommodates gospel choir performances and birthday celebrations, a welcoming lounge and a landscaped outdoor patio area.

Apartments are completely modern and, thanks to $1 million in savings realized by MissionFirst, apartments include “extras” such as ceramic tiled bathrooms with marble-topped vanity sinks, and built-in microwaves in every kitchen. All living units are ADA compliant and 15 percent of the units are fully handicap accessible.

"Mission First Development is unique in that it brings sophisticated financial skills, housing industry experience, and visionary human sensitivity to its affordable housing clients. The Golden Rule Plaza senior housing project was revitalized and brought to successful conclusion in record time by Mission First Development. For years to come, the residents of Golden Rule Plaza and the members of the Sponsor, Bible Way Church of Washington, DC, Inc., will honor Mission First for playing a critical role in helping the Church realize its mission of providing and preserving affordable housing in downtown Washington, DC."

- Alicia Terry, President, Golden Rule Plaza, Inc.

Leasing Information
Golden Rule Plaza Management Office
(202) 962-0055