Action by PNC Real Estate is providing much needed low-income housing - and more - in the rapidly-gentrifying Adams-Morgan neighborhood of Washington DC. PNC Real Estate is proud to be receiving a "Super Hero" recognition in Washington DC for helping to complete renovation of two turn-of-the-century buildings. Converting the Euclid and the Sorrento into 70 apartments was made possible by an extensive public/private partnership. PNC's participation included a $9.6 million syndication comprising historic and low income housing tax credit equity with JPMorgan Chase as the major investor.
The developer, Jubilee Housing, is a faith based non-profit organization that provides a unique approach to affordable housing and opportunities for improved life for low income families and individuals.
Jubilee designed the units for families at 30%, 40%, 50% and 60% of the area's median income and they will also house individuals who were formerly homeless. Residents have access to a broad network of social services that support personal growth and empowerment.
PNC's investment in the neighborhood is far more than financial. It also includes Grow up Great grants for an early childhood development center, a quarterly financial literacy series and a community festival that attracts 500 guests.