Developers of 22 affordable housing projects in D.C. are seeking a slice of $33.7 million the city will receive in federal stimulus money from the Treasury Department.
The money, divvied to D.C. and the states by formula, will allow the city to provide grants aimed at jump starting or completing construction or rehabilitation of below market rate housing units that have stalled in the recession.
The developers applying for funds are working on projects in Anacostia, and other DC neighborhoods. The city’s own sources of affordable housing subsidies have been deeply hampered by the slow real estate market.
The city’s Department of Housing and Community Development began seeking developers in April, two months after President Barack Obama signed the American Recovery and Reinvestment Act of 2009. Projects must be eligible for federal low-income tax housing tax credits, government-issued tax breaks that developers can use to attract private financing. The value of the tax credits has fallen dramatically in the recession, leaving many projects with shortfalls.
DHCD is hoping to maximize funding for projects that will provide units for elderly, special needs or chronically homeless individuals and families in need of supportive services. Spokeswoman Angelita Colon-Francia said she was not sure when the agency will make funding decisions.
In addition to the $33.7 million in Treasury funds, the federal government has committed another $94.58 million to D.C. in stimulus money for housing programs, according to the Web site Recovery.gov. Of that, another $11.6 million will also be dedicated to projects eligible for low-income housing credits.
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