As Douglas Development looks to move forward with its massive New City development in Ivy City, DC is looking to give the project a boost.
The Department of Housing and Community Development (DHCD) is seeking public feedback on a proposed Section 108 application to guarantee a loan for the New City development. The application to the Department of Housing and Urban Development (HUD) is part of the Community Development Block Grant (CDBG) program and is meant to supplement private financing in order to spur economic development, particularly in instances where affordable housing is being created. This particular application seeks to guarantee a loan of $38.5 million.
The New City development would span the 16 acres between New York and Montana Avenues off Bladensburg Road NE (map) (minus the triangular lot at New York Avenue and Bladensburg Road NE, which just hit the market).
Urban Turf/Nena Perry-Brown