Maycroft Apartments - Affordable Housing - Columbia Heights
Factual Data: 66 apartments total and 5,000 sq.ft. non-profit office, developed by Maycroft, LLC including Ernest Marcus as co-managing member.
- Turnaround of project with chronic crime, delinquencies and vacancies
- FNMA financing
- Utilization of former storage space in basement for non-profit use which provided needed social services to the community
- Preparation of detailed Hardship Petition per D.C. rent control regulations
- Negotiations with tenant organization for preparation of a Voluntary Agreement per D.C. rent control regulations.
- Sold to non-profit housing provider who will retain as affordable project. Major donation made to purchaser to assist in financing. Michael Milliner acting as project manager for the buyer.