Liberty Place
881 3rd Street, NW
Washington
- DC71 Units
- 9-story New Construction
- 64,211 GSF
- $40 Million Total Development Cost
- Affordability: 30%, 50% & 80% AMI
- Downtown Mount Vernon Triangle neighborhood in Washington, DC
Project Overview and Impact
The Liberty Place Apartments is a 9-story affordable housing project in Washington, DC’s Mount Vernon Triangle neighborhood. This 71-unit project was completed in 2022 creating new multifamily housing that includes 14 units of permanent supportive housing (PSH) and targeted affordable housing (TAH) for the formerly homeless with a focus on veterans, along with 53 units serving households below 50% of the area median income (AMI) and 4 units serving residents at 80% of AMI.
This LEED Gold project has market rate finishes as well as a fitness center, top floor community lounge and meeting room, and rooftop deck. It is in a highly desirable, centrally located, amenity-rich neighborhood surrounded by high-quality market rate housing and near the city’s central business district.
Financing Summary
Liberty Place is a $40 million project that was financed using DCHFA tax exempt bonds, 4% Low Income Housing Tax Credits (LIHTC), a Federal Home Loan Bank (FHLB) Affordable Housing Program (AHP) grant, a DC Department of Behavioral Health (DBH) grant, and a DC Department of Housing and Community Development HPTF loan. Local Rent Supplement Program (LRSP) rental subsidy is being provided by the DC Housing Authority (DCHA) and the land was donated by MQW, LLC. Predevelopment financing was provided by the Institute for Community Economics (ICE). Construction financing and LIHTC equity has been provided by Truist (formerly SunTrust Bank), and permanent loan financing is being provided from Freddie Mac.
