BlueHub Loan Fund has a long history of investing in community-led development projects in Nubian Square, even before we moved to the neighborhood in 2000. In total, within a half-mile of our office, we have lent $71 million to more than 30 different borrowers who have built thousands of units of affordable housing, millions of square feet of community facilities and commercial real estate, and more.
A recent example is an initiative by the Planning Office for Urban Affairs, a longstanding BlueHub partner; they are redeveloping Drexel Village with $1 million in financing from BlueHub. Combining two parcels at the gateway to Nubian Square, the project will include a minimum of 206 mixed-income rental units and 11 affordable homeownership opportunities. Two-thirds of the units will have two or more bedrooms, focusing on family housing.
In addition, the development will include new and improved commercial space for the tenants that are already there. This includes refurbished spaces for the existing ABCD Head Start program, St. Mary Hart’s Children’s Program, and a food pantry that serves the community.