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Officials have two primary ways of maintaining affordable housing in big cities: producing it and preserving it. This week, the D.C. Department of Housing and Community Development announced a pair of new rehabilitation projects based on the latter strategy, both in Southeast.
DHCD says it has finalized almost $7 million in loans for affordable-housing buildings in Wards 6 and 8, pulling from the District’s Housing Production Trust Fund. One building, the Parkchester Apartments, is located at 2704 Wade Road SE, a few blocks from the Anacostia Metro station. It contains 93 units that will be reserved for residents making less than 50 percent of area median income (AMI). $6.4 million has been distributed for those refurbishments.
The other building, 1314 K St. SE, is within walking distance of the Potomac Avenue Metro station and features 12 cooperative units that will remain set aside for residents making less than 80 percent of AMI. These renovations are being financed with a much smaller loan worth $558,000.
“Since January 2015, DHCD has produced and preserved over 2,100 affordable housing units in the District,” a release notes, citing Mayor Muriel Bowser‘s annual investments of $100 million into the Housing Production Trust Fund, a move praised by advocates. “Another 5,300 units of affordable housing—which will house nearly 12,000 District residents—are in the development pipeline.”
Last week, the District announced a $13 million affordable housing renovation in Ward 4 that’s expected to preserve 45 units as affordable by June.