Groundbreaking Ceremony of the Monsenor Romero Apartments in the Mount Pleasant Community of Washington, D.C.

WASHINGTON, July 1, 2013 /PRNewswire/ -- The National Housing Trust-Enterprise Preservation Corporation (NHT/Enterprise), elected officials, local dignitaries, community leaders and Capital One Bank will celebrate the groundbreaking of the Monsenor Romero apartments on July 2, 2013 at 10:00 a.m.

The $19 million Monsenor Romero Apartment project located at 3145 Mount Pleasant Street, N.W. will replace the previous Deauville apartment building that was destroyed by fire in 2008, the most destructive fire in 30 years in Washington, D.C. The building is named in honor of the assassinated El Salvadorian Catholic Church Bishop who was a champion of the poor and spoke out against poverty and social injustice. The new construction of 63 affordable homes will fulfill promises made to residents by city officials that one day they would return to their homes.

"This is a monumental day for the neighborhood," said Rob Richardson, Development Manager for NHT/Enterprise. "The community has been working and waiting for this day to come for five years and they have been extremely supportive.  Bringing life back to this building is crucial to this commercial corridor and the entire neighborhood."

The 3145 Mount Pleasant Street Tenants' Association purchased the property in July of 2010 with assistance from NHT/Enterprise and a loan from the D.C. Department of Housing and Community Development (DHCD). The tenants association entered into an agreement with NHT/Enterprise so that the property could be redeveloped using Low-Income Housing Tax Credits under a new limited partnership structure.

The 58,000-square-foot project involves the substantial rehabilitation of 31 apartments in the south wing. Thirty-two apartments are being constructed in the former north wing of the building behind the facade, the only portion remaining after the fire. Forty-seven of the 63 homes will be available at lower rental rates to former residents who were displaced by the fire. Four apartments are designated to become homes for the physically disabled. The project will meet Enterprise Green Communities Criteria, the nation's first framework for greening affordable housing, as required by the District of Columbia.

"When it's completed, the Monsenor Romero Apartments will bring hardworking families back to homes they lost in that devastating fire," said David Bowers, vice president/Mid-Atlantic market leader of Enterprise Community Partners, Inc. "Enterprise and NHT/Enterprise have a strong history working together to preserve housing affordable to low- and moderate-income residents across the country. We believe that everyone deserves a place to call home that is affordable and in a neighborhood linked to jobs, transportation, and schools. We look forward to continuing our efforts with NHT/Enterprise in other developments."

Enterprise Community Investment, Inc. provided $12 million in equity with Low-Income Housing Tax and Historic Tax Credits, Capitol One is providing a $9.75 million construction loan and a $2.8 million permanent loan, the D.C. Department of Housing and Community Development (DHCD) provided a $4.1 million acquisition loan and a Neighborhood Initiatives Fund (NIF) grant from the Office of the Deputy Mayor for Planning and Economic Development provided predevelopment funds.

"We recognize that helping to build strong and healthy communities - good places to work, good places to do business and good places to raise families - benefits us all and we are proud to support this and other community initiatives," said Ed Delany, senior vice president, Capital One Bank.

About National Housing Trust-Enterprise Preservation Corporation: A joint effort of the National Housing Trust and Enterprise Community Partners, Inc., NHT/Enterprise partners with community groups, for-profits and investors to buy and renovate affordable apartments that are deteriorating or at risk of being converted to market rate. Based in Washington, DC, NHT-Enterprise has preserved more than 5,000 affordable homes in nine states and the District of Columbia.

Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created 300,000 homes, invested nearly $14 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.

About Capital One Bank: Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $126.1 billion in deposits and $199.8 billion in total assets outstanding as of June 30, 2011. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange and is included in the S&P 100 index.

SOURCE Enterprise Community Partners, Inc.