Council Passes Housing Act of 2001

WASHINGTON, DC-The Housing Act of 2001 has passed in the DC council, making available millions of dollars in incentives to spur the refurbishment and development of 7,000 affordable-housing units over the next decade. The $200-million incentive program is expected to cost $192 million and yield $207 million in taxes concurrently.

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.