In collaboration with the Capital Area Alliance for the Homeless, GCHP purchased the historic Scott Street Elementary School building at auction in 2007. The development, which included the historic rehabilitation and adaptive reuse of the existing school as well as new construction of an adjacent structure, includes 60 affordable rental units –20 one-bedroom apartments and 40 efficiency units.
The decline of the Low Income Tax Credit Market commencing in 2008 resulted in the withdrawal of two separate investors from their equity commitments to the Scott project. In the face of that challenge, GCHP restructured financing and proceeded to raise an additional $3.175 Million in project funding to complete the development in 2011.
