|"By taking a boarded-up property and turning it around, we've done more than create a home-we've strengthened a neighborhood," said now former Deputy Mayor for Planning and Economic Development Eric Price. Price also stated that partnering with committed organizations like Harrison Malone has been very beneficial, "We're giving people the chance to be a permanent part of a community-own a piece of our city."|
"Home Again provides a relatively efficient way to acquire vacant houses and land at prices that make redevelopment or new construction economically feasible," said Dean Harrison, President and CEO of Harrison Malone Development, a privately owned, DC based developer that has undertaken multiple community development activities in the Washington, DC area. "Now that we have settled on the properties we can't wait to get started!" said Harrison.
Harrison's enthusiasm is undeniable but he also admitted that this first group of properties (Bundle 6) has some unique and difficult challenges. He explained that all six properties in Bundle 6 were formerly owned by HUD and the DC Housing Authority (DCHA) and includes four properties classified as "Historic" by the DC Office of Historic Preservation (DC-OHP). The combination of the HUD/DCHA ownership and DC-OHP concerns meant more extensive planning and negotiations to satisfy each entity.
"Although the process has been slightly complicated, we have to give kudos to the Mayor's Office for Planning Economic Development (OPED), DC-OHP and DCHA. They all have been very cooperative and flexible while helping to bring this project to fruition," said Harrison.
With multiple properties, fixed-below market sales prices and extensive covenants, the financing of this project was complex. The Harrison Malone Development team gives credit to the Industrial Bank, N.A. for wading through each thorny issue and being committed to providing the renovation financing for the project.
Tina Carter, Assistant Vice-President, in Industrial Bank's Commercial Real Estate Loan Department, admitted that this was a long and often complicated process, but she agreed that partnerships like these are a great opportunity to invest in the community served by Industrial Bank. "This particular program is directly in line with Industrial Bank's mission. It's a part of our commitment to increase the availability of financing for affordable housing in the area, whether it's from the construction end or the financing of the permanent mortgage loan," Carter said. She also acknowledged the preparedness and commitment of the Harrison Malone Development team as they diligently worked through all the challenges.
At the cornerstone of the Home Again Initiative is a commitment to providing affordable housing in the District. Consequently of the six properties acquired by Harrison Malone Development, all will be sold to families making less than 80% of the DC area median income (AMI), approximately $80,000 for a family of four.
Two of the houses are slated for completion in February 2005, while the remaining four homes will be ready in the summer and fall of 2005. Harrison Malone Development is poised to become the premier developer to participate in the Home Again Initiative.
For more information about the Home Again Initiative, Harrison Malone Development, or to receive information on properties as they become available click here.