D.C.-based real estate firm Neighborhood Development Co. is shutting down after 25 years of building affordable housing.

The company revealed on its website that it would end operations effective Sept. 30, a move that hasn’t been previously reported. Founder and CEO Adrian Washington said in a statement it was a “painful decision” and he is working to minimize impacts to its partners, but he declined to comment on what would happen with the company’s portfolio.

“Our project production had been robust throughout most of our 25 years; however, the last three years have unleashed a perfect storm on the local real estate market, particularly for the type of projects we focus on, making today’s operating environment untenable for us,” Washington said.

Bisnow D.C. Reporter Emily Wishingrad reported the shutdown Thursday morning.

— Bisnow Deputy East Coast Editor Jon Banister