DC Investing $66M in Affordable Housing

Thanks to a $66 million investment from the Housing Production Trust Fund, the District is funding the production and preservation of 10 affordable housing projects, Washington, D.C. Mayor Muriel Bowser announced.

The projects consist of 940 affordable units and more than 300 market-rate units.

“We were very focused on adding and preserving affordable housing before the pandemic hit, and we still are,” Mayor Bowser said in prepared remarks. “We know the important role safe and affordable housing plays in helping us build a healthier and more equitable D.C. These 10 projects—in addition to the many affordable housing projects we have in the works across the city—will help us keep hundreds of families and residents in D.C.” 

Last October, D.C. became the first city in the U.S. to set affordable housing goals by neighborhood due to a promise made by Mayor Bowser. The 10 selected projects include the production of 740 new units of affordable housing in Wards 1, 4, 5, 6, and 8, representing five of the city’s 10 planning areas.

“Our values and goals did not change when the public health emergency hit,” Polly Donaldson, Department of Housing and Community Development’s director, said in a prepared release. “With our continued historic investments in the Housing Production Trust Fund, these selected projects get us further towards our equitable distribution goals, ensuring residents can live anywhere in the city.” 

The projects focused on those units serving families who are currently at or below 50 percent of the Median Family Income, which represented approximately $61,000 for a family of four.

Nonprofit So Others Might Eat (SOME) will receive the largest amount with $18.4 million earmarked for a 136-unit affordable project on North Capitol Street, while Banneker VenturesThe Clara on MLL in Ward 8 will receive $13.5 million to build 81 new units.

Other new projects receiving help include $9.8 million for MDXXX Flats in Ward 6; Jefferson Street, NW in Ward 4 will receive $1.6 million; Cascade Park in Ward 8 will receive $12.7 million; United 2nd Street in Ward 8 will receive $900,000; Faircliff Plaza East in Ward 1 will receive $7.6 million; and The Hampshire in Ward 4 will receive $1.7 million. 

Additionally, two projects with market-rate and affordable components were selected to receive help as well.

A joint venture between Hoffman & Associates, CityPartners and Paramount Development will receive 9 percent low-income housing tax credits for Waterfront Station II, located at 1000 Fourth Street SW, which is comprised of 136 affordable units and 314 market-rate units; and MRP Realty will receive 4 percent low-income housing tax credits for its Northwest One project, which consists of 70 market-rate and 150 affordable units.

This article was originally published on Commercial Observer

Products You May Like

Articles You May Like

‘These are the next FANG stocks,’ Ark Invest portfolio manager says as firm sees record-breaking inflows
Cowboys’ Elliott Looks to Score With OnCore in the Golf Business
Microsoft to continue talks to buy TikTok in US
Nestle rethinking, not rightsizing, away-from-home business
Iwoca targets accountants for CBILS referrals

Leave a Reply

Your email address will not be published. Required fields are marked *