NCP has partnered with Somerset Development Company, the National Housing Trust / Enterprise Preservation Corporation and the Jonathan Rose Companies’ Rose Green Cities Fund to acquire and renovate Channel Square, preserving it as mixed-income housing in the rapidly gentrifying Southwest neighborhood of Washington DC. NCP Somerset and NHT secured $7.4 million in District of Columbia Housing Production Trust Fund subsidy to assist in the preservation of 2/3 of units as affordable housing (<80% AMI). Going forward, the property will be leased as 1/ 3 low-income, 1/3 moderate-income and 1/3 market-rate rental housing. Many of the "affordable" tenants have lived at Channel Square since it was constructed in 1968 as part of the urban renewal of southwest DC. Located at 325 P Street, SW, Channel Square is comprised of four low-rise townhome buildings containing 75 units and a 10 story high-rise containing 148 units. The $12 million renovation will stabilize and upgrade the 312,000 SF property with new boilers, roofs, convector units, photovoltaic and solar hot water systems, LED lighting, building code updates, Energy Star appliances, water saving upgrades and unit finishes upgrades.