Preservation of Affordable Rental Housing Gets Boost from New Fund
According to Mayor Muriel Bowser, DC is now positioned to "move more quickly and to leverage private investments in order to maximize our investments and reach more Washingtonians" when it comes to affordable housing.
The mayor announced March 13 that Local Initiatives Support Corporation-DC (LISC-DC) and Capital Impact Partners will manage the city's $10 million Affordable Housing Preservation Fund. The fund, which is in the Department of Housing and Community Development, was recommended by the Mayor’s Housing Preservation Strike Force and funded in the FY 2018 budget.
This is the second nod in a week to affordable housing. On March 12, Mayor Bowser announced that Ana Lopez Van Balen has been appointed as the District’s First Affordable Housing Preservation Officer. See DC gets Affordable Housing Preservation Officer.
The Data
As the Housing Preservation Strike Force Report points out, as important as the number of affordable units across the city, and for APACC's purposes those in Wards 7 and 8, is the expiration of subsidies. And further exacerbating the affordable housing stock is the increasing population. Polly Donaldson, DHCD director, wrote in the report,
After decades of population decline, the District is welcoming a thousand new residents each month. The increasing demand for places to call home and escalating housing costs, however, put residents with low and moderate incomes—young people just starting out, senior citizens, and those who have experienced health or economic setbacks in their lives—under pressure. (Housing Preservation Strike Force Report, page iv)
Housing Preservation Strike Force Report, Page 7
APACC and affordable housing
Preserving affordable housing and ensuring historic riverside communities tangibly benefit from river and park revitalization, rather than being overrun or displaced by it, is one of APACC’s three founding principles. We believe the District government must take proactive steps to ensure that affordability is maintained.
Stay tuned to learn more about APACC's affordable housing agenda.