Knowlton School Alumnus Raymond Nix Creates Affordable Housing Development in Washington, DC

WASHINGTON, D.C. – Raymond L. Nix, who received both his Master in City and Regional Planning ('94) and Bachelor of Science in Landscape Architecture ('92) from The Ohio State University, is steering Brightwood affordable housing development as founder of NixDevCo, LLC.  The Development team comprised of The Hampstead Companies and NixDevCo, LLC will be joined by  Mayor Muriel Bowser, local officials, and tenants for the groundbreaking for the Brightwood Portfolio, a plan to create and preserve 140 one-, two-, and three-bedroom affordable apartments for families across three buildings in the Brightwood neighborhood of Washington, D.C. To make the project possible, the Brightwood Tenants Association used the Tenant Opportunity to Purchase Act (TOPA) to preserve the affordability of the apartments in a rapidly gentrifying neighborhood while avoiding displacement from their homes.

“We are delighted to contribute to the development of quality, affordable housing in the District,” said Raymond L. Nix of NixDevCo.  “Employing our community centric development approach and transformative philosophy, we are pleased to be part of the team that is delivering what the residents requested:  long term affordability, quality craftsmanship, and modern amenities.”

In addition to the apartment upgrades, the renovations at the Concord, Valencia, and Vizcaya Apartment buildings will include a new community room, computer room, and exercise room. Each of the buildings in the portfolio has been placed on the National Register of historic Places and the buildings’ historic character will be preserved. Tenant services will be provided by the Latin American Youth Center and the Latino Economic Development Center and will include after school tutoring, financial literacy courses, and health and wellness training.

“The Brightwood Portfolio plays a critical role in how we address affordable housing in the District,” said Mayor Bowser. “This development furthers my goal of increasing quality affordable housing opportunities for more residents and maintaining economic diversity throughout the District – all in an effort to build more pathways to the middle class.”

The $32 million in financing for the project is broken down into 1) $14.3 million in tax-exempt bonds issued by the D.C. Housing Finance Agency; 2) An acquisition loan of $10.8 million issued by the D.C. Department of Housing and Community Development; 3) $2.6 million in federal Historic Tax Credits; and 4) $4.5 million in federal Low-Income Housing Tax Credit (Housing Credit) equity. The Housing Credit is America’s main tool for creating and preserving affordable housing. Since it was signed into law in 1986, the Housing Credit has provided more than 12,000 affordable homes and supported nearly 14,000 jobs in the District alone. It has also brought $1.32 billion in income and $518 million in tax revenue to the local economy.

Together with the D.C. Department of Housing and Community Development, the D.C. Housing Finance Agency, Citibank, and R4 Capital, the partnership collaboratively executes the mission of the District of Columbia to create and preserve opportunities for affordable housing and economic development in the District. “The Brightwood Portfolio is an integral part of the affordable housing solution for our city,” said Mayor Bowser.  “This development preserves long-term affordability and furthers my goal of increasing the supply of affordable housing and maintaining economic diversity throughout the city.”

The project, which will be developed using many Certified Business Enterprises (CBEs) and small businesses in the District, is expected to be complete by March 2016.

About NixDevCo, LLC

NIXDEVCO, LLC plans, develops and preserves signature, affordable housing communities.  NIXDEVCO’s mission is committed to projects that require creative solutions and public/private partnerships to achieve neighborhood revitalization objectives.  They have led the planning efforts and co-developed over 525 units of affordable and mixed income housing in the Washington, D.C. metropolitan area.  This success is a result of their community-centric approach and proven track record of developing effective public/private partnerships with clients, community and civic stakeholders.  NIXDEVCO has a strategic partnership with a non-profit District of Columbia based community organizing group, the Washington Interfaith Network, to strengthen the economic stability of residents in distressed and emerging neighborhoods in the Washington DC, Metropolitan region.