D.C. Announces $66M In Affordable Housing Investments To 10 Projects
The District has selected 10 affordable new projects that will receive public investments as it continues to tackle the housing crisis during the coronavirus pandemic.
Mayor Muriel Bowser announced Tuesday D.C. is funding the production and preservation of 940 affordable units and over 300 market-rate units, primarily through a $66M investment from its Housing Production Trust Fund.
The investments represent more than half of the HPTF's annual deployment. The fund received $116M in last year's budget, but the mayor has proposed a reduction to $100M for Fiscal Year 2021 because of coronavirus-related budget constraints.
“We were very focused on adding and preserving affordable housing before the pandemic hit, and we still are,” Bowser said in a release. "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.”
Department of Housing and Community Development Director Polly Donaldson, whose agency administers the HPTF funds, said last week she had hoped before the crisis to have a larger budget but is glad it remained at the $100M level.
"Now I readily admit, I think all of us in January and February had some different visions of what we were hoping and planning for in terms of the budget, but obviously the reality of the revenue change is the reality that we have to work with," said Donaldson, speaking on Bisnow's Reopening D.C. webinar. "I can tell you that $100M will lead to at least 1,000 units of new affordable housing being produced and that is an unprecedented commitment and still quite the envy of many cities across the country."
Two projects with market-rate and affordable components were selected to receive housing funds outside of the HPTF program.
MRP Realty's Northwest One project, including 70 market-rate and 150 affordable units on North Capitol Street, received 4% Low Income Housing Tax Credits and funding from D.C.'s Local Rent Supplement Program.
Waterfront Station II, consisting of 314 market-rate units and 136 affordable units at 1000 Fourth St. SW from Hoffman & Associates, CityPartners and Paramount Development, received a combination of 4% and 9% LIHTC credits.
The eight projects D.C. selected to receive HPTF money are below, listed in order of dollar amount.
- A new 136-unit affordable project on North Capitol Street from So Others Might Eat will receive $18.4M from the HPTF.
- The Clara on MLK, a new 81-unit affordable project at 2313 Martin Luther King Jr. Ave. SE from Banneker Ventures, will receive $13.5M from the HPTF.
- Cascade Park, a 132-unit preservation project at 4236 Fourth St. SE from Dantes Partners, will receive $12.7M in HPTF funds.
- A new 101-unit affordable project in Ward 6 from UPO Community Development Corp. and REBJ Inc. will receive $9.8M in HPTF funds.
- Faircliff Plaza East, a combination of preservation and production that will total 125 affordable units at 1350 Fairmont St. NW from Somerset Development Co. and Housing Up, received $7.6M from the HPTF.
- The Hampshire, a combination of preservation and production totaling 56 affordable units from Wesley Housing, will receive $1.7M from the HPTF.
- A 14-unit preservation project at 505 Jefferson St. NW from Phoenix Cooperative Association will receive $1.6M from the HPTF.
- A 13-unit preservation project in Ward 8 from United 2nd Street will receive $900K in HPTF funds.