Golden Rule Apartments, a 183-unit apartment renovation project, was the second project undertaken by one of Bible Way Church’s development affiliates, Golden Rule Apartments, Inc., in partnership with MissionFirst. The multifamily affordable housing complex is over 30 years old and began undergoing major renovations in August 2006.  Construction was completed in February 2008.

Financing Program:
District of Columbia Department of Housing and Community Development Loan, First Mortgage Financing from Deutsche Bank Berkshire Mortgage through Tax-Exempt Bonds from the District of Columbia Housing Finance Agency, Low-Income Housing Tax Credits, IRP Decoupling, Project Based Section 8 Contract Restructuring, CDBG.

MissionFirst’s Role:
Development manager overseeing all aspects of project, including: identifying and securing financing, securing equity investor, selecting and overseeing development team, overseeing project through stabilization, monitoring asset during operation.