Ox Fibre Apartments: Affordable Workforce Housing
Persistently high housing costs are driving extreme demand for affordable housing throughout the United States. Significant incentive programs exist for the development of affordable housing, but complex capital structures and long-term rent restrictions disincentivize many private developers.
Broad Creek Capital was a co-developer of the Ox Fibre Apartments, a dilapidated former steel brush manufacturing facility that was converted into an 83-unit affordable apartment complex outside of Washington, DC. The project utilized an innovative financing structure which includes opportunity zone funds, historic tax credits, low-income housing tax credits, bank debt, and federal and county financing.
Ox Fibre was completed and fully stabilized, providing needed affordable housing units to the region.
