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The development site is next to the Christian Tabernacle Church, on church-owned land.
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A renewed focus on housing and new federal regulations from the Biden administration have pushed the housing industry to invest more in D.C. lobbying.
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The homes could be ready by 2027, and half will be reserved for hotel employees.
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Mayor Eric Adams’ massive proposal will now go to the City Council, where members will have two months to review and approve the plan.
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Congress would likely have to be along for the ride on any major or key interventions to fix the issue.
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Finding new ways to fund moderate-income housing is challenging, but some states offer an alternative.
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The Boston Foundation found that roughly 95,000 acres of municipality-owned land and 17,000 acres of state-owned land could be developed.
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Developers in region have been awarded $109M to help finance the construction of 2,199 affordable housing units, with most cash earmarked for Miami projects.
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Affordable housing used to mean building a cinder block space and hoping people were grateful to have shelter. Now, conversations are on market-quality housing.
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State housing finance agency chief outlines new tool to support housing production that enables equity investments in stalled projects.
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