Tuesday, July 07, 2009

Area Housing Projects Look to Affordable Housing for Salvation


As reported last month, DHCD recently received $33.7 million in stimulus funds for the development of affordable housing in the District. According to DHCD spokesman Angelita Colon-Francia, the distribution of the federal money is currently under review, pending the evaluation of 21 projects currently seeking Federal Low Income Housing Tax Credits from the agency. In a release by the District government, it is clear that a number of recent developers are hoping that money will find its way to their projects. The list includes several developments presumably slowed by declines in the real estate market, including NDC's The Heights on Georgia Avenue, Matthews Memorial Terrace and Banneker Venture's Florida Avenue WMATA site project, which have all applied for stimulus money for affordable housing creation in their projects. Comments on applicants are due to DHCD by July 16th.

But fear not, federal-dollar-seeking developers, DCHD will submit another application for round two of American Recovery and Reinvestment Act funding on July 17th. To date, the Department of Housing and Urban Development has awarded the District $94.5m of the $10 billion it has distributed nationwide in funding as a result of the American Recovery and Reinvestment Act of 2009. Funding will be applied to foreclosure prevention, homelessness prevention, "community development", affordable housing, and lead hazard prevention.

4 comments:

Anonymous said...

Any word on whether the affordable housing that's a part of Northwest One will be receiving any of this?

Ken on Jul 7, 2009, 10:34:00 PM said...

Northwest One was not on the list of applicants.

Shaw Rez on Jul 8, 2009, 9:56:00 AM said...

Incidentally, I just posted about this today! Specifically, I found some additional details on the Florida Avenue project.

Den on Jul 10, 2009, 6:46:00 PM said...

How about The Dakotas project?

 

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