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T Street Cooperative

Finding affordable housing is a continuing challenge for all Washington, DC residents, but even more so for families with modest incomes. As neighborhoods are reclaimed and new developments built, long-term residents are often pushed out as they are priced out of the market.

In 2011, a developer offered a development strategy to the current residents of a 30 Unit building located directly behind City First Bank of DC that has been under a cooperative ownership since 1992. The plan would have transformed the building to homeownership condominiums. Since the property is located in one of the most sought after real estate locations in Washington DC., the condominium program as presented would have provided a windfall to the developer. However, it would also have resulted in the displacement of families who could not afford the new condominium prices.

In order to maintain the building for it’s existing tenants, City First Bank worked with the cooperative board to offer financing to pay off their existing bank debt and provided additional construction dollars to complete the renovation of the property. Now the residents look forward to keeping their affordable homes.

Working in partnership with the T Street Cooperative Board, City First Bank structured financing to pay off the $1.3 million loan taken out by the developer for the initial condominium conversion allowing the residents to maintain ownership. With the Bank’s assistance the Cooperative was able to complete the renovations that improved living conditions as well as increased the overall value of the resident’s units.

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