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Twining Terrace Cooperative: On the Path to Preservation
The Trust provides loans through the National Housing Trust Community Development Fund (NHTCDF), helping borrowers overcome a major obstacle: the lack of predevelopment and bridge financing available to nonprofits such as the Twining Terrace Cooperative Association. On May 16, the Twining Terrace Cooperative Association and NHTCDF, in partnership with the Enterprise Community Loan Fund, closed on a $475,000 loan to cover predevelopment expenses. NHTCDF has now made more than $7,000,000 in loans to help save more than 4,700 affordable homes.
Twining Terrace's residents were among the first to purchase their homes under Washington, D.C.'s right of first refusal law. The cooperative association was formed in 1982 and has been operating the 37-unit building as a limited equity housing partnership ever since.
With the Trust's predevelopment money in hand, residents can now pursue substantial renovations that will improve their living environments. Joyce Smith, president of the Twining Terrace cooperative association, summed up the importance of the planned repairs: "We have remained in existence this long due to the grace of the Almighty, an excellent Board of Directors and the knowledgeable advisors we have had. Twining wishes to remain an operational housing cooperative for many, many more years and this renovation project we are undertaking will keep [Twining] ongoing."