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Residents Purchase Property with Help of Housing Counseling Services
Residents of Pleasant Park, a group of sixty rental townhouses located in Northeast DC, were informed in September of 2006 that the property was being sold by the owner. Following phone calls to Housing Couseling Services, HCS staff met with residents to explain their rights as tenants under the laws of the District of Columbia. With the help of HCS, Pleasant Park residents formed a Tenants Association, acquired pro-bono legal representation, and voted to purchase the property.
The primary objective of the Association was to avoid displacement of residents. As a result, the Association will convert the property into a limited-equity cooperative so residents, regardless of income, can remain part of the community. According to Lila Edmonds, a senior citizen and longtime resident, "I am excited...I've never owned my own home!" Like many residents of Pleasant Park, Ms. Edmonds attended nightly meetings, participating in the process and dedicating herself to the success of this burgeoning housing cooperative.
The Pleasant Park Association has hired a local nonprofit developer to assist with the purchase and rehabilitation of the townhouses as it continues to work with HCS to prepare for homeownership.
NCB Capital Impact Addresses the District's Affordable Housing Needs
Over 28 co-ops representing 1,220 housing units came together at the first-ever D.C. Co-op Clinic to address the challenges of preserving homeownership at an affordable cost. A key component of the Clinic's success was the partnership of National Cooperative Bank's Capital Impact , the nonprofit arm of NCB, with 32 nonprofit groups, charitable foundations, attorneys, architects, developers, bankers, and housing advocates all of whom provided either pro-bono services and/or funding. District of Columbia Congressman Eleanor Holmes-Norton and City Council Chairman Vincent Gray acted as keynote speakers.
"The Co-op Clinic represents a big step in our efforts to assist Washington, D.C. in creating long-term sustainable and affordable housing in this increasingly unaffordable
market," said Terry Simonette, President & CEO of NCB Capital Impact.
 In her remarks, Ms. Holmes-Norton said, "What you are doing today is important to me as a member of Congress.You understand more than ever the urgent need to do all we can to preserve what affordable housing we have...particularly housing where people have invested their own ownership goal."
Currently the District has more than 75 affordable housing cooperatives representing over 3,400 households. Co-ops offer a unique opportunity for homeownership for low-income residents. But similar to other housing options, they face complex challenges. The Clinic program offered solutions for dealing with vital issues such as cooperative legal responsibilities, property management, maintenance, and debt structure. Volunteer lawyers, accountants, real estate professionals, and building inspectors provided in-depth reviews of co-ops, along with strategies and solutions for the challenges faced by co-ops.
More recently, peer-to-peer learning has continued with a program of monthly sessions called the Co-op Leadership Forum. With technical assistance from NCB Capital Impact and local affordable housing advocates, over 25 co-ops have participated in these co-op led meetings. Co-ops hope that the recent
creation of a Co-op Leadership Directory and Service Provider Directory will help facilitate improved communication.
Grand Opening of
Cedar Heights Apartments
East of the River CDC and Bank of America Community Development Corporation (BACDC) celebrated the Grand Opening of the newly renovated Cedar Heights Apartments at 1560 Butler Street, SE on Wednesday, October 24th.
In this unique "turn key" partnership, BACDC has acted as General Manager of the $16 million acquisition and redevelopment of this formerly crime-ridden and distressed rental property. Once the property is fully stabilized and converted to permanent debt in early 2008, BACDC will assign its share of ownership interest to ERCDC at no cost, placing this 134-unit property in long-term nonprofit ownership.
East of the River CDC's purpose is to serve as a change agent and leader in the revitalization and transformation of Ward 8 and its surrounding neighborhoods. BACDC develops projects in conjunction with nonprofit community based CDCs and local government organizations.
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ERCDC's Yolanda Randolph Recognized as CFO All Star
The 6th Annual Financial Management Professionals' Conference, sponsored by the Local Inititiatives Support Corporation, was held August 1st through 3rd in San Francisco. One highlight of the conference was the 2007 CFO All Star Induction Ceremony in which four new CFOs joined the ranks of fifteen others who have been recognized for their exemplary financial leadership. CFO All Stars must pass a high set of standards to be considered for the Hall of Fame.Yolanda Randolph of East of the River CDC was awarded an All Star Award. 
Yolanda has been with ERCDC since its founding in 1988. The organization has brought affordable housing to the neighborhood it serves, 9,400 square feet of office space which houses ERCDC's new headquarters, and a Children's Hospital Pediatric Clinic. With a staff of eight, ERCDC's $40+ million of development activity keeps Yolanda on her toes. Having implemented excellent financial systems, Yolanda welcomes the challenge.
Linda Jackson, Executive Director of ERCDC, says, "Yolanda is committed to the success and professional management of ERCDC's accounting system. I am proud to know her as a person who maintains a professional demanor, a positive attitude and has the ability to make intelligent, ethical business decisions for the organization."
Manna's House Raising
Draws Over 500 Volunteers
 Every five years, Manna Inc. holds an old-fashioned House Raising, bringing together Manna staff and hundreds of volunteers to build a house from start to finish. For six weekends, hundreds of volunteers complete framing, insulation, painting and landscaping tasks. On weekdays, Manna staff and licensed subcontractors complete more technical tasks including electrical work and plumbing.
This year's house raising is taking place at 320 V Street, NE. On September 21st, the Washington, D.C. office of Local Initiatives Support Corportation joined the volunteer effort helping to insulate what is soon to be a completed duplex.
 The property includes one handicap accessible unit with two bedrooms and one bathroom, and one larger unit with three bedrooms and two bathrooms.
To date, over 500 volunteers have participated in the effort including groups from LISC, YouthBuild, Bank of America, Citbank, Fannie Mae, and Wachovia. The V Street property is expected to be completed by the end of October. For more information, please visit: www.mannadc.org
Marshall Heights CDO
Launches New Era
Marshall Heights Community Development Organization (MHCDO) launched its "New Era" in 2007 with the election of Floyd R. Myers, Sr. (right), as the new Chairman of its Board of Directors. A recent unanimous vote of its Executive Committee made permanent the position of the current Interim President and CEO, Michael I. Watts, Jr. (left). 
Watts is a native Washingtonian with strong roots in the Ward 7 community. Upon assumption of the interim position, Watts' priorities were three-fold: fiscal stabilization; refocusing to concentrate on housing; economic and workforce development; and strengthening the relationship and capacity of board and staff. This evolution of management has initiated a "new era" of leadership and service at MHCDO.
At MHCDO's upcoming annual meeting, Leila F. Edmonds, Director of the District's Department of Housing and Community Development, will be honored with the President's Award.
MHCDO is a community based organization that has been operating housing, economic, and workforce development programs in Ward 7 since 1979.
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© 2007 NEWSBRIEFS is a bimonthly publication of the Community Development Support Collaborative (CDSC),
www.cdsc.org, a project of Washington Grantmakers.
CDSC invests in the revitalization of DC's neighborhoods and the preservation of affordable housing with capacity building grants, training,
and technical assistance.
CDSC | 1825 K Street, NW, Suite 1100
Washington, DC 20006
phone: 202.296.4582 | fax: 202.785.4331 | e-mail: info@cdsc.org
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