Jair Lynch purchased Fort Stevens Place as part of a five property affordable, tax credit portfolio in Washington, D.C. The “Regenesis Portfolio” was in the 12th year of its 15 year federal tax credit compliance period, during which the property must remain affordable to families earning less than 60% of Area Median Income. Jair Lynch worked with the Tenant Association of Fort Stevens Place to jointly develop an acquisition, operation, and rehabilitation plan for the property. The plan centered around tenant-in-place renovations that included upgrades to common areas (including the elevator), building systems, and resident units. The rehabilitation plan was completed with 12 months of Jair Lynch taking ownership.
Jair Lynch completed its business plan and worked with the Tenant Association to sell the property to a non-profit, affordable housing owner in 2016.