NACV has been weatherizing and renovating houses in the DC metro area for over 33 years. This work includes work on approximately 1000 properties and the placement of over 3500 mostly minority veterans in employment positions between ’78 and ‘98. The program provides training and employment opportunities as well as emergency, transitional and long term housing for our members and clients. We presently operate approximately six scattered site housing locations for our members which are in varying stages of development and require funding. They all have outstanding debt but the rent can carry the mortgage and rehab costs after they are renovated. We are able to make the program work charging 500 dollars per month plus utilities. The two projects below will be the renovation of two properties. The value added estimate of these two properties upon completion is over $750,000 for an estimated investment of less than 100 thousand and a total debt of 500K including acquisition and renovations.
A scope of work is available upon request. All work is iaw code and local regulations with permits and insurance.
Our two biggest projects now are 317 and 309 54th ST. NE. We officially began work on the smaller property about four weeks ago. 317 54th ST NE property is projected for completion end of May at an estimated cost of 75K. (I will attach photos and renderings.) The first property is a brick detached with approximately 3,000 sq ft of living space. We are projecting 8 br and 3 bathrooms, kitchen and laundry room. There will be no living or rec rooms there except the porch and decks. The house has two rear decks and a front porch.
We have a developer who has agreed to cover most of the materials costs. WMAG is a minority owned company who is committed to helping veterans. What we need is money to cover the labor costs the overhead and admin costs. We are looking for a donor or an investor who will help with the weekly payroll of approximately 3K per week plus 5000 to cover the taxes and note on the property until we have completed the renovations and have paying tenants. Upon completion this project should be able to generate close to 4K in rent plus carry the utilities. The entire unmet funding sought for this project is 20K or a minimum of 17K in weekly increments which can certainly be performance based.
The larger 54th ST project is adjacent (separated by two lots) and consists of 13 bedrooms and four bathrooms plus a kitchen and three separate apartments (efficiency, one bedroom and two bedroom) in the basement for a total of 18 bedrooms which again should rent for a minimum of 500 per bedroom or vet and generate a total monthy revenue stream of 9K per month. The nine K would cover principal, insurance, taxes and interest on the property. It is estimated that the renovations for this building will cost about 120K and should be completed by 30 June. Again, we are hoping WMAG will agree to cover much of the materials costs. We will look for funding to cover the labor and supervision and admin costs/overhead.
The plan for this site is a transitional facility for single female vets with children. It will offer comprehensive re entry services to include child care and the full complement of continuum of care and wrap around services. It will have 24 7 security with security fence and on site parking in the back yard. It is literally six blocks or less from the new Woodson High School and Marvin Gaye Park. There are also several other elementary schools and churches close by. The house is just a couple blocks off Division in the Deanwood area. Hopefully we will be able to depend on WMAG for materials on this project as well but we will need labor and operating costs for sure estimated at 30K. We will also need about 30K to cover materials, fence, security and child care play area and landscaping. Please see renderings. The total costs sought fall between 40K and 60K.
An additional initiative follows and will cover all the work and employment areas NACV has pursued over the years and continues to pursue. They include: recycling, energy conservation, hazardous materials handling, environmental clean up, demolition, deconstruction, asbestos and lead abatement, and the whole range of energy related technologies to include wind, solar, geothermal, biomass, alcohol fuels, low head hydro, photo voltaic, etc.