Howard University Secures Funds to Convert Howard Manor into On-Campus Affordable Housing
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Posted By: Reginald Culpepper on December 01, 2023 Today, Howard University announced the acquisition of Howard Manor, a 1950s 80-unit apartment building with 3,000 square feet of retail located on the Howard University campus in Washington, DC. The $31.3 million secured through the Amazon Housing Equity Fund will support the preservation of the 80-unit building and the conversion of these units to affordable housing. The funding consists of an $8.8 million permanent loan to acquire the building and an additional $22.5 million at acquisition. This loan is part of a larger commitment from Howard University to create affordable units on the land it owns in the Columbia Heights and Howard Submarket neighborhood in Washington DC’s Ward 1. In 2017, Howard University promised the District that it would deliver between 50-100 affordable units for households earning up to 60% of the area median income (AMI). Howard Manor will immediately fulfill this commitment at closing, with the 80 units remaining affordable at 60% AMI for 99 years. "Affordable housing is a critical component of a more equitable DC," said Mayor Muriel Bowser. "Howard University delivering on its promise to bring more affordable units to the District reflects how our local universities are not only places to learn, but also real partners in our communities." Howard University was chartered by Congress in 1867 and is the only private Historically Black College and University (HBCU) in the Washington DC region. The University is one of the largest HBCUs in the country with the mission of providing an education at the undergraduate, graduate, and professional levels, with an emphasis on educational opportunities for Black students. “Quality housing is a fundamental human need, yet far too many adults face challenges as they navigate the pathway to affordable housing for themselves and their families. The Howard Manor project aims to address this by providing affordable housing to dozens of families, allowing them to be proud members of our community,” said Ben Vinson, Ph.D., president of Howard University. “At Howard, we’re committed to driving change and providing solutions and, through this project, we’re doing just that. As the only HBCU to create opportunities for affordable housing for members of the community, we’re not just leading the way for others to follow, but we’re aligned with Mayor Bowser’s visionary work to ensure that affordable housing options are available throughout all parts of the District of Columbia for those in greatest need.” “Partnering with non-traditional and minority-led organizations to create and preserve affordable housing is an integral part of the work the Amazon Housing Equity Fund does. Howard University has a long-standing reputation of empowering its community through education and outreach. Through this partnership, the preservation of Howard Manor is a unique opportunity for both organizations to expand that community impact and increase the affordable housing stock in Washington DC," said Senthil Sankaran, Managing Principal, the Amazon Housing Equity Fund. Since its launch in 2021, the Amazon Housing Equity Fund has committed more than $1.7 billion to create or preserve more than 14,000 affordable homes for renters across the company’s hometown communities, including more than $1 billion to create or preserve more than 7,300 affordable homes for renters and homeowners in the Washington D.C., Maryland, and Virginia region. It has also helped increase the stock of long-term (99-year) multi-family homes in the region by 22%. The Fund focuses on moderate-income individuals and families, representing first responders, teachers, and service industry employees whose wages haven’t kept pace with escalating rents and housing costs. To learn more about the Amazon Housing Equity Fund, please visit us here. About Howard University Founded in 1867, Howard University is a private, research university that is comprised of 14 schools and colleges. Students pursue more than 140 programs of study leading to undergraduate, graduate and professional degrees. The University operates with a commitment to Excellence in Truth and Service and has produced two Schwarzman Scholars, four Marshall Scholars, four Rhodes Scholars, 12 Truman Scholars, 25 Pickering Fellows and more than 165 Fulbright recipients. Howard also produces more on-campus African American PhD. recipients than any other university in the United States. For more information on Howard University, visit www.howard.edu. About Amazon Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Reginald Culpepper
President, Fulfillment and Web Services, HBCUCONNECT Clark Atlanta University class of 1998 Member Since September 2000 |
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