(Reprint from The Washington Post, February 2008)
Victory Housing was the grateful recipient in June 2014 of $20,000 in operating support from the Bank of America Charitable Foundation. This significant donation will be used to pay for Victory Housing pre-development work on new affordable housing projects, as well as asset management of existing communities throughout the Washington, D.C. metropolitan area. Victory Housing president Jim Brown applauded the Foundation's gift for "providing the necessary working capital to keep Victory Housing's development pipeline primed and to ensure that all of our communities continue to provide the highest quality affordable housing."
On October 24, 2013 Victory Housing celebrated the dedication of Victory Court, an 86-unit affordable apartment community for residents 62 and older. The project was made possible through a partnership with the Montgomery County Department of Housing and Community Affairs, the Housing Opportunities Commission of Montgomery County and Capital One, N.A.
"We are grateful for public and private partnerships that enable us to create beautiful, affordable housing and a community full of amenities in this wonderful downtown Rockville location," stated Victory Housing President Jim Brown. The building will have ample space for community activities and socializing, with an expansive porch, great room, library, billiards room, community room, cafe, arts and crafts room, exercise room and wellness center.
Victory Court residents will live within walking distance of stores and restaurants, including those at Rockville Town Center, as well as government offices and the Rockville Metrorail Station. Located near the corner of Monroe and Fleet Streets in downtown Rockville, Victory Court sits on land owned by Montgomery County and leased to Victory Court. Montgomery County's Department of Housing and Community Affairs provided a loan for the property. In addition, the Housing Opportunities Commission issued tax-exempt bonds to finance the property which were purchased by Capital One, N.A.
Victory Square, a 98-unit community for low- and moderate-income seniors in the Parkside neighborhood of Washington, DC, was selected as this year's winner in the seniors housing category in the annual Charles L. Edson Awards from the Affordable Housing Tax Credit Coalition. There are 79 one-bedroom units and 19 two-bedroom units. Victory Square, which opened in Summer 2012, has a generous amount of indoor and outdoor amenity space including fitness, wellness, computer and arts and crafts rooms, a library, a beauty salons, and a great room that extends into a large balcony. The Edson Award will be presented on May 22, 2013, at a Capitol Hill ceremony.
On April 18, 2013, Victory Housing went to closing on loans for Cambridge Apartments and Winslow House, both in Takoma Park, through HUD's Federal Housing Administration (FHA) 223(f) program that will provide 35-year fixed rate financing for each property at a rate of 3.56% including required mortgage insurance. Cambridge Apartments and Winslow House provide affordable rental housing for moderate-income families. The new FHA loans will increase each property's long-term financial security. We would like to thank AGM Financial, Furey Doolan & Abell, Krooth & Altman, Montgomery County and Wells Fargo for their assistance with this transaction.
Victory Oaks, a 49-unit rental community for very-low-income seniors in Silver Spring, recently took part in the 1st Annual Parade of Homes by the Communications Action Network (CAN), an organization founded in 2012 to highlight the affordable housing challenges in the Washington, D.C. region and to showcase the variety and quality of affordable properties being developed and operated. A total of 17 properties in the metro area had open houses and events on Saturday May 18th from 11 a.m. - 3 p.m. Victory Oaks and Victory Housing were pleased to be a part of this important effort. Residents put on a multi-cultural musical performance and enjoyed a cookout. Photos will be posted soon.
On a beautiful early fall morning, Victory Oaks at St. Camillus, a 49-unit apartment community for very-low-income seniors, located on the grounds of St. Camillus Catholic Parish in Silver Spring, celebrated its grand opening with over 150 residents, local dignitaries, school children and project participants on hand. The $7.9M community was financed with a $6.9M capital grant from the U.S. Department of Housing and Urban Development's Section 202 program for the elderly and a $1M dollar long-term low-interest rate loan from Montgomery County. The event was covered by WJLA-TV 7 and a number of print publications.
Participating in the ceremony were Most Reverend Martin D. Holley, Auxiliary Bishop, Archdiocese of Washington; Congressman Chris Van Hollen (Maryland - 8th); Katrina Owens, Office of Congresswoman Donna Edwards (Maryland - 4th); Roger Berliner, President, Montgomery County Council; Mary Ann Henderson, HUD HUB office director, Baltimore; Reverend Michael Johnson, O.F.M., St. Camillus Catholic Church; and, James A. Brown, Jr., President, Victory Housing, Inc.
Braving intermittent rain and gusty winds, a crowd of 100 dignitaries, neighbors, community activists and project professionals celebrated the groundbreaking for Victory Court under the welcome cover of a tent. Cardinal Donald W. Wuerl, Archbishop of Washington, reflected that the tent was an apt metaphor for the Victory Court project, as during construction it will move from a temporary to permanent home for the future residents of the community. Other program participants included Montgomery County Executive Ike Leggett, Rockville Mayor Phyllis Marcuccio, Rockville City Council Member Mark Pierzchala, Housing Opportunities Commission Executive Director Stacy Spann, Capital One Senior Vice President Ed Delaney, and Victory Housing President Jim Brown.
Victory Court will provide 86 units of affordable housing for mixed-income seniors in downtown Rockville. For a more complete project description, click here. For leasing information, call (301) 294-1111 or e-mail firstname.lastname@example.org.
Victory Square's dedication on July 26 was covered by a number of local, regional and national media outlets, including the following to date:
The dedication of Victory Square, Victory Housing's newest apartment community, offering 98 units for low- and moderate-income seniors, was held on Thursday July 26. Speakers included Mayor Vincent C. Gray, Ward 7 Councilmember Yvette Alexander, Bishop Barry C. Knestout of the Archdiocese of Washington, and Bank of America regional president William Couper. Photos will be posted shortly.
Victory Square is located at 600 Barnes Street, N.E. in the Parkside neighborhood of Northeast Washington, D.C. For more detailed description on Victory Square, click here.
If you are interested in an apartment, please call (202) 388-3288 or email@example.com
Victory Housing had not one, but two, dedication ceremonies on June 2, 2011, to celebrate the completion of our newest affordable housing communities and the first ever in Southern Maryland. We were pleased and honored to have the Archbishop of Washington, Donald Cardinal Wuerl, and Raymond A. Skinner, Secretary, Maryland Department of Housing and Community Development, at both events. Each ceremony was attended by over 100 persons.
La Plata Manor
At 11:00 a.m., the ceremony was for Plata Manor, located in La Plata, Charles County. La Plata Manor is a 101-unit, 100% Section 8 project for very-low-income seniors. The property was acquired in January, 2009. Subsequently, an $11 million financing plan for renovations and long-term affordability was crafted using a combination of Maryland Community Development Administration (CDA) tax-exempt bonds, low-income housing tax credits with M & T Bank as the investor, subordinate financing from CDA, the existing residual receipts account for the property, and a $1.1M HUD Green Retrofit loan.
Renovations included a new roof, new energy efficient windows, kitchen cabinets, counter tops, bathroom vanities, low flow plumbing fixtures, energy star lighting and appliances, low VOC paint, new flooring, expansion of the management office, and reconfiguration of the first floor lounge.
At 2:00 p.m., it was on to Victory Woods, a new construction 75-unit building for low- and moderate-income seniors in Lexington Park, St. Mary's County. The property is located on a wooded portion of a 47-acre site behind Immaculate Heart of Mary church. Victory Housing partnered with regional developer Osprey Property Company. The $13M financing package included $9M in competitive 9% low-income housing tax credits (syndicated by Hudson Housing Capital and purchased by Capital One), a conventional first mortgage of $1,750,000 from Capital One, a $1,500,000 Rental Housing Funds loan from CDA, and a $435,000 grant from St. Mary's County for road improvements.
The attractive four-story wood-framed building has a stone and vinyl exterior. As a Green building, Victory Woods includes numerous energy saving and conserving features as well as a secured entrance. Apartments include a full kitchen, dishwasher, disposal and abundant cabinet and counter space; oversized windows and wall-to-wall carpeting; individual heat and AC; wiring for cable, internet and telephone. Community amenities include a spacious parlor/lobby, sun room, resident community room, theatre room, fitness room, patios, walking path and gazebo.