United Bank Commits $270,000 to Jubilee Housing’s Affordable Housing Efforts in D.C.

11/29/2018 | Community

Washington, D.C. - United Bank reinforced its commitment to affordable housing in Greater Washington, announcing a new partnership with Jubilee Housing that includes a $250,000 investment in the nonprofit developer’s Justice Housing Partner Fund and a $20,000 donation to help launch a new strategic alliance pilot social services initiative called Platform of Hope.

This investment aligns with United’s community outreach focus areas and underscores the bank’s commitment to having a more targeted, immediate impact on the local affordable housing landscape. Jubilee Housing, one of the foremost nonprofit affordable housing developers in the District of Columbia and a long-time partner of United, established the $5 million dollar Justice Housing Partner Fund in 2018. The Fund will supply readily available capital and enable the acquisition of three to four properties in the Adams Morgan, Columbia Heights and Mount Pleasant neighborhoods where real estate prices are quickly rising, better enabling Jubilee to remain competitive with for-profit developers. Two properties (1724 Kalorama Road, NW; and 1460 Euclid Street, NW) have already been acquired through the fund, with United’s Joe LeMense and Terence Callahan procuring $10.5 million of senior acquisition bridge financing.

Read the full article here.

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