MANNA, Inc. 828 Evarts Street NE Washington, DC 20018 202-832 ...
MANNA, Inc. 828 Evarts Street NE Washington, DC 20018 202-832 ...
MANNA, Inc. 828 Evarts Street NE Washington, DC 20018 202-832 ...
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Qualifications<br />
All real estate disciplines, except engineering, maintained in-house<br />
• Architecture/ Design<br />
• Construction<br />
• Marketing<br />
• Community Organizing/<br />
Advocacy<br />
• Project Management<br />
• Accounting/ Finance<br />
• Property Management<br />
• Customer Service<br />
• Homeowner Training and<br />
Support<br />
• Manna Mortgage<br />
Experience<br />
• Completed over 1000 units valued in excess of $106 million<br />
• Manna homebuyers have built over $60 million in equity<br />
• Manna has developed and built many types of residential projects, both new<br />
and renovated, in <strong>DC</strong> including Condominium, Coops, Townhouses, Single<br />
Family Homes and Transitional Housing (for others)<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Past Projects<br />
The Whitelaw Hotel<br />
Apartments (NW)<br />
Syphax Village<br />
Condominium<br />
(SW)<br />
The Overlook<br />
Condominium at<br />
<strong>Washington</strong> View<br />
(SE)<br />
Ellington Mews<br />
Condominium<br />
(NW)<br />
Madeline Gardens<br />
Condominium<br />
(<strong>NE</strong>)<br />
The Valtisse<br />
Condominium<br />
(<strong>NE</strong>)<br />
Unity Gardens<br />
Condominium (<strong>NE</strong>)<br />
<strong>DC</strong>HA Scattered Site<br />
Demonstration<br />
Project (NW)<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Current Projects<br />
Belgrove<br />
Condominium<br />
(SE)<br />
Bexhill<br />
Condominium<br />
(<strong>NE</strong>)<br />
Buxton<br />
Condominium<br />
(SE)<br />
Willowbrook<br />
Condominium<br />
(<strong>NE</strong>)<br />
Cardozo Court<br />
Condominium<br />
(NW)<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Proposed Funding Plan<br />
• Acquisition Funding<br />
Funding for acquisition of the buildings at the Walter Reed Medical<br />
Center will be provided by Manna<br />
• Construction Funding<br />
Manna plans to obtain construction financing through private<br />
lenders and national nonprofit intermediaries<br />
The project is feasible with no additional subsidy from the District<br />
because Manna intends to use a cross subsidy pricing strategy coupled<br />
with HPAP second trust funds. Proceeds from the sales of the individual<br />
condominium units will be used to pay off the construction loans.<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Project Vision and Approach<br />
• Manna's proposal is to rehabilitate buildings 8, 9 and 17<br />
• These properties are suitable for affordable and workforce<br />
homeownership opportunities because they offer substantial<br />
buildings that are easily adaptable to condominiums in a location<br />
that will be desirable to low and moderate income homebuyers with<br />
diverse incomes<br />
• Building interiors and floor plans will be designed to reflect<br />
community input and market needs<br />
• Manna intends to maintain the historic integrity and character of the<br />
buildings by preserving the existing exteriors and incorporating the<br />
existing building names into the name of the condominium<br />
• Provide excellent space for families to live and raise children<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Pricing Guidelines<br />
Based on the number of bedrooms, the affordable units are planned to<br />
range from $225,000 - $270,000, while the workforce units range from<br />
$275,000 - $340,000. Upon acquisition of the sites, Manna will begin<br />
development work.<br />
Building 8 & 9<br />
Price Range<br />
Units<br />
30% of Units – Affordable $225,000 - 270,000 5<br />
70% of Units - Workforce $275,000 – 340,000 10<br />
Building 17<br />
Price Range<br />
Units<br />
30% of Units - Affordable $225,000 - 270,000 5<br />
70% of Units - Market Rate $275,000 – 340,000 10<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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Community Benefits, Stakeholder<br />
Engagement and Community Outreach<br />
• Manna is the only NOI Respondent that focuses exclusively on affordable and<br />
workforce homeownership opportunities<br />
• Affordable Homeownership Opportunities in the District are in short supply<br />
• Affordable Homeownership provides asset building for low income buyers<br />
• Our projects create stakeholders who take personal interest in community<br />
betterment<br />
• This project will create economic activity at a time when the District needs it<br />
most. Given that tax revenue to the District has been declining, it is<br />
important that home sale activity remain strong in order to offset lost<br />
revenue. Manna can provide affordable and workforce housing options in<br />
Ward 4 that are attractive to prospective buyers. Thirty units of for-sale<br />
housing will not only generate tax revenue for the city, but it will also help<br />
stabilize home values by providing a floor for falling values.<br />
• Manna has a proven track record of successfully partnering with the District<br />
on many development projects over 28 years<br />
• Manna has an excellent record of working within <strong>DC</strong> neighborhoods to produce<br />
homeownership opportunities that meet the needs of the community<br />
Manna, <strong>Inc</strong>. <strong>828</strong> <strong>Evarts</strong> <strong>Street</strong>, <strong>NE</strong> <strong>Washington</strong> <strong>DC</strong> <strong>20018</strong> <strong>202</strong>-<strong>832</strong>-1845 www.mannadc.org<br />
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