The building had become a symbol of the city's failure to anticipate expiring affordability covenants and take steps to preserve those affordable units.
Posts Tagged ‘Affordable Housing’
A new year, a new mayor, a fresh start. At least that's what we're told.
The biggest affordable-housing problem no one is talking about
When R. Donahue Peebles pitched a development concept for a city-owned parcel at 5th and I streets NW, he framed it as a win for everyone involved. The Mount Vernon Triangle would get a luxury hotel, condos, retail, and a renovation of two small parks. The city would get more tax revenue than from the competing proposals—plus [...]
The city says the owner can't raise the rent on 63 of the units to market levels until 2049.
Up to 30 percent of units at new developments on city-owned lands could be set aside as affordable.
Neighbors want to see affordable housing at the site.
The mayor's goal of 10,000 affordable housing units by 2020 is within reach. But few of those units are for the lowest-income residents.
A Freedom of Information Act request reveals how a developer came to the astronomical figure its residents might have had to pay to keep their homes.
In 2005, just 15 percent of D.C. rental housing went for more than $1,500 in today's dollars. Now that's up to 36 percent.