Dantes Partners offers a variety of services to the Washington, D.C. affordable housing community. The company’s success is driven both by its technical expertise and its ability to extract value in even the most complex transactions. Such was the case with a slate of affordable housing properties the Dantes Partners recently worked on in order to create affordable homes for a variety of people in need, ranging from seniors to renters with low-incomes to professionals looking to purchase a home.
With partner Roadside Development, Dantes Partners is currently constructing a 90-unit senior housing development within a mixed-use property, which includes direct access to a new Giant grocery store and public transportation. As developer/owner Dantes Partners identified and closed the acquisition financing and the structured financing. The company also used a wide array of additional funding tools to make this development a reality, including LIHTC, soft debt from the Department of Housing and Community Development, and tax exempt bonds from DC Housing Finance Agency.
Notably, Dantes Partners recently won D.C.’s solicitations for proposals for the acquisition and development of a 36-unit for-sale multifamily property. Originally abandoned, the building was in need of substantial renovation. By using private equity and conventional debt, Dantes Partners has transformed the building into a green, transit-oriented, affordable and workforce condominium community.
Since its founding, Dantes Partners and its Managing Principal and Founder Buwa Binitie have closed more than $225 million of unconventional real estate transactions and created more than 700 workforce and affordable housing units.
Buwa Binitie (pictured above), Managing Principal and founder of Dantes Partners, noted “We have been successful in adding value beyond the numbers to these properties.”
The company has found that its HAND membership is invaluable, specifically the HAND-sponsored trainings and insights into market dynamics.
HAND is pleased to spotlight Dantes Partners, who certainly contribute to our organization’s COLLABORATION, INNOVATION, and TRANSFORMATION!
The Housing Opportunities Commission (HOC) and Montgomery Housing Partnership (MHP) are pleased to present “A Dialogue on the Housing Program of the City of Vienna, Austria” with Wolfgang Förster, Chief of Housing Research, City of Vienna, Austria on Tuesday, November 12, 2013 from 2:00 PM – 3:30 PM at Bethesda North Marriott Hotel and Conference Center, 5701 Marinelli Road, Bethesda, MD 20852. Please click here to view the flyer with additional information.
Peoples Consulting, LLC provides research, policy, advocacy and real estate development consultancy services to Washington, D.C. area community development organizations. Since 2009, Peoples offers a broad array of services to its development partners, including orchestrating advocacy campaigns, structuring and securing financing for affordable housing and community spaces and helping to navigate regulatory and government processes. While specializing in these varied aspects of community development, Peoples is also able to provide all of these differentiated development components simultaneously, a unique aspect that serves its clients well.
In partnership with Sheridan Ventures, Peoples recently co-consulted on the rehabilitation of a Jubilee Housing property located in DC, an exceptional community which was being designed to provide needed affordable housing with supportive services for women returning from incarceration in the District.
Extremely low-income individuals re-entering society after incarceration have critical challenges to overcome including physical and mental health issues, poor job skills and history, and severed family ties, among others. Additionally, housing serving this vulnerable population is extremely hard to finance due to bleak long-term revenue projections and the residents’ own inability to consistently, if at all, pay rent until they are gainfully employed, and even then, rent payments may be relatively small.
“Funding, such as rent subsidies used to operate properties long-term, is often in short supply and/or are for relatively brief terms, like service subsidies and contracts,” said Angie Rodgers, Peoples Consulting. “All these factors can give extreme heartburn to anyone who might invest in your project!”
But invest, they did. An amazing number of public, for-profit and nonprofit partners came together to ensure Jubilee was successful with the venture. While navigating the complex levels of funding needed for the community, Peoples was also able to help its client make the public policy case highlighting the need for supportive housing for women re-entering society. Despite the continual and complicated development process, Peoples was able to maintain their client’s vision for the final product.
Success was realized earlier this month when 10 women began to move into the beautifully rehabbed property in Northwest DC. As proof to the winning model, a second property focusing on men re-entering society will be completed by the end of the year!
Some of the top benefits Peoples enjoys from its HAND membership are organizational training, peer networking and a strong affordable housing platform for regional issues.
“HAND is a consistent source of valuable information relaying what’s happening in the different parts of the region that affects the issues we’re working on,” said Rodgers. “Similarly, we have been able to turn to HAND to highlight issues we are involved with that need a broader audience than what we could reach on our own.”
Through its information sharing and events, HAND helps Peoples stay on top of needed industry intelligence.
HAND is pleased to spotlight Peoples Consulting, LLC, who certainly contribute to our organization’s COLLABORATION, INNOVATION and TRANSFORMATION!
Gina Merritt, Principal, Northern Real Estate Urban Ventures, has been selected to receive the distinguished 2013 Top 100 Minority Business Enterprise Award. The Top 100 MBE® ceremony is designed to acknowledge and pay tribute to outstanding women and minority business owners in Maryland, Virginia, Pennsylvania, Delaware and the District of Columbia. The Top 100 MBE® Award is given to enterprising women and minority entrepreneurs that fuel the region’s economy through their innovation, sacrifices, and dedication. These business owners are living their dreams and making significant contributions to their clients, professions, industries and communities.
The awards ceremony is scheduled during Mayor Stephanie Rawlings-Blake’s Supplier Diversity and Inclusion Week, on Wednesday, October 30th at 5:30 p.m. at the War Memorial, 101 Gay Street, in downtown Baltimore.
To obtain tickets for the 2013 Top 100 MBE Awards Ceremony or for a complete listing of this year’s winners, please visit www.top100mbe.com.
For more information about Northern Real Estate Urban Ventures, please visit www.nreuv.com.
We are pleased to showcase Homes for America (HFA) as the first HAND Membership Spotlight. Its work with the award winning community Cottages and Gardens at Chesapeake in Elkton, Maryland is only one of HFA’s notable accomplishments; however, this innovative rural community has definitely helped transform the affordable housing options in the small town community.
As a developer of affordable rental and homeownership opportunities for low-and moderate-income families in Maryland, Virginia, Delaware and Pennsylvania, HFA specializes in providing housing options to special needs populations that include needed services to enhance the quality of life for the residents. Additionally, HFA has a sound history of partnering with other nonprofits who work with special needs populations to help the organizations carry out their development goals, and over time increase their capacity to develop or manage affordable rental communities.
In December 2012 HFA opened Cottages and Gardens at Chesapeake, a 98 unit mixed-use development that serves seniors with low-incomes, persons with disabilities and market-rate residents and families. What was particularly innovative about the development was that HFA preserved the affordable housing components by combining three existing adjacent rental communities and putting them under one financing structure. HFA obtained State and Federal approval to maintain existing occupancy restrictions in the special needs affordable apartments while continuing to operate the remaining apartments as general occupancy. Even though these two separate housing options (one affordable and one market-rate) were under one ownership structure and one financing plan, the everyday operations are totally separate.
“The more than 20-year old property now has new life and energy,” said Nancy Rase, president and CEO, HFA. “Before the rehabilitation, there was no community space for the general occupancy housing residents. The new community building has space for activities and programs for children…The creation of the eight new apartments helped in making the community accessible, particularly for the aging seniors.”
During the redevelopment stage, HFA made special structural enhancements that ensured all residents, whether seniors or children, would be comfortable with their new and/or improved homes. Additionally, there were extensive green and energy-saving improvements incorporated during the rehabilitation which has provided substantial savings for the residents and the owner.
The Cottages and Gardens at Chesapeake has won the Charles L. Edson Low Income Housing Tax Credit Coalition Award for Rural Housing and the Affordable Housing Finance Reader’s Choice Award, Best Rural Housing. Yet, despite its great accomplishments, HFA gives HAND credit for helping them keep its ear-to-the-ground on development and financing updates in the region.
“Development is regional in nature, and our HAND membership enables us to be current on what’s happening in a large part of the region, in which we work,” said Rase. “The HAND newsletter ensures that we never miss a major NOFA or funding round in the region. As more and more public agencies post notices on websites in lieu of sending email notices, the HAND information is ever more important and something on which we have come to rely.”
HAND is pleased to spotlight Homes for America, who certainly contribute to our organization’s COLLABORATION, INNOVATION, and TRANSFORMATION!
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Housing Expo: Plan to exhibit? Download the Housing Expo FAQs here.
Omni Shoreham Hotel Room Block: For attendees looking to secure overnight accommodations on May 25th, HAND has secured a rate starting at $189 for conference attendees. There are a limited amount of rooms available, so visit this link today to reserve your room. May 10th is the last day to secure a room at the discounted rate.
Ad Submission: The artwork for advertisements should be submitted to annualmeeting@handhousing.org. You can download the ad spec sheet here. Deadline for ad submission is April 13, 2020.
Cancellations & Changes: If you wish to cancel or change your registration for the Annual Meeting & Housing Expo, please send a request in writing to annualmeeting@handhousing.org. All cancellation requests made prior to April 27th will receive a 50% refund. For cancellation requests made after April 27th, no refund will be provided.
Door Prizes: Are you interested in donating a door prize to this year’s Annual Meeting? Email annualmeeting@handhousing.org to coordinate with our team.
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