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For Immediate Release
February 10, 2006 |
Contact: Patricia Dashiell
(202) 895-8900 |
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Consolidation Brings Stability
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Jubilee Enterprises transfers property, programs to CPDC
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Washington, DC - Jubilee Enterprises of Greater Washington (Jubilee) transferred the ownership of Howard Hill Apartments, a newly renovated 43-unit property in Southeast DC, to Community Preservation and Development Corporation (CPDC). This transfer marks the completion of the consolidation of their operations that began December 2005.
As a part of the agreement between the two organizations, CPDC also assumed management and operation of Jubilee's after-school programs that serve over 65 children at four locations also in Southeast DC. Their agreement includes financial support for the programs through this academic year.
"Jubilee has a fifteen year history of successful partnerships with the residents of Southeast in both their affordable housing communities and youth development programs. With our missions so closely aligned, we felt this to be a logical step in our own effort to expand our operation," stated J. Michael Pitchford, CPDC's president and CEO.
Howard Hill became the 25th property in CPDC's portfolio, which includes Southern Ridge on Southern Avenue and Oxford Manor on Bowen Street, SE. CPDC also currently operates programs at 17 properties across Maryland, Virginia, and the District.
Consolidation marks the next step of the affordable housing industry for many smaller nonprofits. Doing so affords the opportunity to combine staff and expertise as companies move to scale. Equally important is that doing so also reduces the number of entities seeking financial support, bringing economy of scale to governments and foundations backing affordable housing and community development efforts.
Jubilee was founded to address the shortage of decent, affordable, multi-family rental housing for families in the District's underserved communities 'east of the river.' "In our early history, we focused on buying and renovating distressed apartment complexes ranging in size from 43 to 380 homes, all of which remain affordable-a total of over 1,300 apartment homes in Wards 7 and 8," stated Kristi Cunningham, Jubilee's President.
The core of Jubilee's community development programs has centered on programs that provide a developmental environment that keeps children safe and productive while they are out of school, with academic and cultural enrichment. The after-school program focuses on homework and tutoring, and the summer program engages students in a wide range of learning and recreational activities. Jubilee has also worked with residents to provide free tax preparation services through the DC CASH Coalition, share private school scholarship information, and deliver holiday food baskets to the neediest families in their target communities.
CPDC will be meeting with the funders, community supporters, and residents over the course of the next year. "With this, we have the opportunity to evaluate the sustainability of these programs," added Pitchford.
CPDC works with residents, governments, and financiers to turn around troubled communities and preserve those subjected to market pressures and rising rents. Wardman Court (formerly Clifton Terrace), Edgewood Terrace, and Southern Ridge in Washington, DC, and Admiral Oaks in Annapolis, MD represent model successes where crime and mismanagement once ruled. Island Walk in Reston, VA and 1330 Seventh Street in the District are examples of where complex financing allowed for sustainability and the opportunity for residents to eventually own their homes. The Wiley H. Bates Memorial Complex in Annapolis, Maryland is CPDC's most recent project combining affordable housing and historic preservation. When finished, it will provide 71 units of affordable housing for seniors. |
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| CPDC's mission is to develop vibrant communities through innovation and partnerships. To accomplish this, CPDC creates and preserves financially sound, socially responsible affordable housing for low- and moderate-income individuals and families and, in cooperation with community residents, develops community programs that strengthen communities and increase opportunities for growth. |
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