The Professional Development Committee of Young Leaders in Affordable Housing (YLAH) hosted a tour on Tuesday, August 9 of Mayfair Mansions, an affordable housing property owned and operated by the Community Preservation and Development Corporation (CPDC). Mayfair Mansions is an impressive complex of 410 garden-style units with a pool, community center, and playground. All of the one-, two- and three-bedroom units are affordable to families earning 60 percent of area median income (AMI) or less, and more than 100 of the units are reserved for families earning less than 30 percent of AMI.
Tim Westrich, a Real Estate Associate with CPDC and member of YLAH, hosted the event. Tim gave a great overview of the history of the property and detailed the financing structure used to preserve the property. As he described, the renovation was due in large part to many types of financing involved: low-income housing tax credits, historic tax credits, tax-exempt bonds for construction and permanent financing, funding through the District of Columbia’s Housing Production Trust Fund, and funds from the Federal Home Loan Bank of Atlanta.
Sonya Hochevar, CPDC’s program staffer at Mayfair, described the diverse range of programs available for residents, including coffee hours for senior citizens, computer training, dance classes, youth mentorship initiatives and a recently concluded summer camp supported by Save the Children. YLAH participants were eager to understand the challenges, benefits and outcomes of these various programs.
“The most inspiring part was that the tenants organized to preserve their home several years ago when it looked like it might be converted into condos,” said YLAH member Elina Bravve. We even met with some of the long-time tenants who were involved in saving their community.”
The YLAH Professional Development Committee seeks to provide members with opportunities to enrich their careers in affordable housing. Please stay tuned for future YLAH events.