Addressing the District's longstanding problem with affordable-housing shortages, the legislation will provide for 4,300 units for very-low-income to moderate-income residents. There is also a stipulation in the bill for the preservation of 2,700 affordable-housing units. Passage of the act not only provides an increase in much-needed housing, it will also create about 740 construction jobs over the next 10 years.
"I introduced this bill last April with the goals of preserving affordable housing, developing vacant and abandoned buildings, and building more housing for people of all incomes," DC Mayor Anthony Williams says in response to the Council's action. "[It is] a comprehensive package of reforms and incentives to spur the production of housing in the District for people of all incomes. I look forward to signing the act into law."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
