Plaza West was completed in 2018 by Mission First Housing Group in partnership with Golden Rule Plaza Inc. Capital One’s support included a $7.5 million construction loan and the purchase of $35.5 million in Low Income Housing Tax Credits (LIHTCs), all of which helped to make this unique grandfamilies development possible. The tax credits were funded through Enterprise Community Partners. Additionally, Capital One provided a $200,000 social purpose grant, which is helping to pay for on-site support services for residents. This grant will be disbursed in the amount of $20,000 annually for 10 years.
Residents describe the apartments and support as “a dream come true.” The onsite Grandfamily Community Life Program Manager provides residents with support for trauma and twice-weekly tutoring. Additionally, Plaza West has partnered with Howard University’s School of Social Work, which now hosts a grandfamilies support group at the development. There is also a built-in support network that exists among the residents who, themselves, share a common mission.
Plaza West, and the group it serves, is special and this hasn’t gone unnoticed. Several news outlets, such as the Washington Post Magazine and National Public Radio, have highlighted the need that the development has filled within the community. Politicians have noticed as well, and staff reports that elected officials have reached out inquiring about ways they can better support housing programs for grandfamilies.
Ed Delany, the Capital One Community Finance Capital Officer who arranged the Bank’s financing, says that faithbased organizations like Golden Rule are increasingly playing a role in providing affordable housing in the communities in which they are based and own land.
“You’ve got a mission-based group who wants to do more in their community and in many cases they have this excess land,” Delany says. “The mission-based group and the excess land make for a perfect marriage. We couldn’t be more pleased with the success of Plaza West and hope that it will serve as a model for similar grandfamilies developments in the future.”