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AMERIDREAM, INC BLOCK PARTY & GROUND BREAKING CEREMONY KICKS OFF Southeast DC AFFORDABLE HOUSING PROJECT

Woodson Heights Will Transform, Abandoned Housing Project And Serve as a Catalyst for Community Change

Washington, DC – AmeriDream, Inc., a national nonprofit leader committed to expanding homeownership opportunities for underserved groups, hosted a community "block" party and ground-breaking ceremony to signal the beginning of “Woodson Heights Condominiums,” a $30 million affordable housing development in the Marshal Heights neighborhood of southeast Washington, DC.

Working with the District of Columbia government, community leaders, and neighborhood residents, AmeriDream unveiled plans to develop a blighted area of southeast Washington, DC that includes affordable housing opportunities for low-to-moderate income individuals and families. The 106-unit development will encompass an entire city block and replace nine abandoned buildings in the housing community formerly known as Amber Overlook.

“Woodson Heights will be a national model for a residential housing development and a wonderful example of the positives that can happen through public and private partnerships,” said AmeriDream President & CEO Ann Ashburn. “We believe Woodson Heights will serve as a foundation for rejuvenating and strengthening this community and increasing individual and family prosperity.”

Abandoned for over a decade, and despite numerous attempts at redevelopment, Amber Overlook, a full city block, surrounded by St. Louis Street, Call Place, 50 th Street and C Street, has been a crime haven and a classic example of blighted community property.

Now, with the support of the local community and the District of Columbia Department of Housing and Community Development, AmeriDream will proceed with plans to partly demolish the site renovating two buildings into 30 condominium units and building 76 new flats and town homes. The units will range from one to four bedrooms. The first phase of the development will be completed in spring 2007.

Four of every five homes will be “affordable” with prices available to homebuyers earning 80 percent or less of the Area Medium Income.

“We were always committed to developing this site with many of the current residents in mind,” remarked Robert Newman, AmeriDream COO & EVP. “The idea is to do what we can to make it a stable neighborhood that does not squeeze out individuals and families already living in this area who have low-to-moderate incomes.”

AmeriDream will work with the Jair Lynch Companies and Marcus Asset Group, two Washington D.C.-based companies with extensive experience in affordable housing, to develop the property. AmeriDream has also received considerable input from the surrounding community to ensure local support. The development project is partially funded by the District of Columbia Department of Housing and Community Development; which awarded AmeriDream $8 million to assist with the development of the $30-million housing project.

Community involvement also included a neighborhood elementary school, J.C. Nalle. In 2004, the children of the school were asked to choose a name for a new community that would be located directly adjacent to their school. The children chose the name “ Woodson Heights” to honor three influential African Americans who have played prominent roles in shaping history and culture, both nationwide and locally in Washington, DC:

• Ruth Woodson , the first principal of J.C. Nalle Elementary School, from 1950 to 1962.

• Howard Dilworth (H.D.) Woodson , a local African-American engineer and community activist for whom the only high school in Ward 7 was named in 1972.

• Carter G. Woodson , the founder of the Association for the Study of Negro Life and History in 1915 who promoted the study of African-Americans worldwide. Woodson established Black History Week in 1926 which in 1976 was designated as a month long celebration in February - Black History Month.

Keynote speakers for the ground breaking ceremony included JC Nalle Principal Tracy Wright and D.C. Mayor Anthony Williams, who used the occasion as an opportunity to happily remind residents that it was nearly three years ago to the day, he pledged that the blighted, eyesore would be removed.

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About AmeriDream
Gaithersburg, MD-based AmeriDream, Inc. is the nation’s leader in providing affordable housing opportunities. In support of this mission, AmeriDream, a 501(c)3 nonprofit organization, has helped more than 300,000 individuals and families buy and sell homes by granting over $500 million for down payment assistance, providing homebuyer education, and donating more than $2 million to charitable organizations nationwide.

Through its redevelopment program, AmeriDream builds new homes and renovates existing properties to create affordable housing opportunities at prices that accommodate low and moderate-income homebuyers. AmeriDream has invested more than $12 million in its redevelopment projects over the last six years. These projects include affordable housing developments in Maryland, Washington, DC; and Florida.