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Picking up on a fact previously reported by the Washington Business Journal, the Washington Post learns more about the city’s decreased affordable housing fund, which gathers money for mixed-use housing from 15 percent of the deed taxes on property sales. In fiscal year 2007, the fund took in $59 million. It is estimated to take in $29 million this current fiscal year. So, what now?
The report recommended tying the fund to more stable revenue sources or granting it dedicated funds from the city’s budget. However, that might be difficult. Mayor Adrian M. Fenty (D) and the council are currently trying to close a $131 million revenue gap for fiscal 2009, and some officials said the financial problems could grow worse.
The trust fund has helped build 4,000 units of affordable housing, with another 1,600 under construction and 3,300 in development.