TD Bank closed on a $9.54M construction loan, used to purchase bonds issued by the DC Housing Finance Agency which will partially finance the adaptive reuse of part of a former military building on the Walter Reed Army Base in Washington, D.C.
The project will include 77 units of “service-enriched” affordable housing for homeless Veterans. The loan is sponsored by HELP USA, Inc., a national non-profit organization that provides homes, jobs and services to people in need. HELP USA will provide social and supportive services to the residents, and the units will be furnished to allow for immediate occupancy for homeless individuals who may be coming from shelters or other transitional housing.
“TD Bank is proud to partner with HELP USA on this very important redevelopment which will provide safe and permanent housing for those who need it most,” said Gloribel Cruz, Vice President at TD Bank. “This project further enhances the bank’s commitment to support low and moderate income families in our communities, including Veterans who have put their lives on the line to serve our country.”
The project site will eventually become “The Parks at Walter Reed” and will contain 2,100 residential units (of which 432 will be affordable units), retail space with a grocery store anchor, office space, a hotel and charter schools, as well as feature various medical uses, arts and entertainment uses, and 20 acres of open park space. The Walter Reed National Military Medical Center is still located on the property and will remain a fully operational hospital.
“The Walter Reed campus has a storied history of serving the men and women of our armed forces, and we are proud to be building housing on this site that will continue that tradition. HELP strongly believes that stable housing is the foundation of every other social service. By developing apartments for homeless veterans and providing on-site services we are helping people begin to build better lives,” said Tom Hameline, President and CEO, HELP USA. “We could not do what we do without our financial partners, and we’re thankful to TD Bank for recognizing how valuable this project will be for the larger community.”
TD Bank is proud of its collaboration with HELP USA. Since 2005, it has provided more than $160 million of debt and equity financing to support its projects and mission. This project also reinforces TD Bank’s recent launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas: financial security, vibrant planet, connected communities and better health.