701 K Street NE

About the project

701 K St NE Tenants Association was formed in 2022 organized by the tenants of 701 K St NE. The Cooperative was created to allow tenants to exercise their rights under the Tenant Opportunity to Purchase Act (TOPA) and acquire their building.

The Tenants Association is located in Washington, DC.

LISC provided $4.40 million in financing to fund acquisition and critical repairs of the multifamily building, which is located in a predominantly single-family neighborhood between the H Street commercial corridor, Union Market, and Galludet University. The building is comprised of 18 residential units and one commercial space. The tenants are primarily low-income African American households who have lived in the building for an average of 11 years; three households have lived in the building for over 17 years. LISC’s investment will provide critical help to the Tenants Association by financing the acquisition of their building so they can become a limited equity cooperative. By exercising their TOPA rights, tenants will keep the property affordable over the long-term and eventually get financing to renovate and modernize the building.

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