As 2023 wrapped up, the Cycle House groundbreaking in the Truxton Circle neighborhood of Washington D.C. marked a new beginning and hope for low- and middle-income residents in need of affordable housing. This development is a remarkable triumph for the industry in several ways.
This is developer Urban Green, LLC's first LIHTC project, which was made possible through NEF's Emerging Minority Developer Fund (EMDF). Not only will Cycle House offer 18 affording homes to people at 30 to 80 percent of the area median income in one of the most competitive housing markets in the country, but it will also be a net-zero, 100% green, energy efficient building.
The absence of carbon footprint aims to offset the effects of climate change and reduce operational costs for the residents and building itself. The nearby Metro stations make Cycle House an opportune location for those using public transit and bicyclists as the building includes bike-friendly elevators and free bike storage.
Special thanks and congratulations to developer Mark James of Urban Green, LLC & Heleos, LLC, Chris VanArsdale at Heleos, LLC, NEF's own Lydia Smith and Emily Chen, and LISC DC on getting this development off the ground!
Learn more about EMDF here.
Photo credit: Matt Telzerow
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