Thinking Big

AFFORDABLE HOUSING FINANCE • June 2009

BY DONNA KIMURA

Washington, D.C., Mayor
Adrian M. Fenty

WASHINGTON, D.C.—Mayor Adrian M. Fenty has set some ambitious housing goals for his first term. Elected in 2006, he says he’s on track to create and preserve 10,000 affordable housing units in four years.

Whether it’s good public relations or a deeper commitment, Fenty has shown up at a handful of project openings and groundbreakings during recent weeks.

HOUSING STATS

Faced with an aging population and a growing need for accessible units, the District of Columbia’s Comprehensive Housing Strategy recommends that 8 percent of all new affordable housing units coming online be fully accessible.

“The District does not just talk about affordable housing, it provides funding to back it up,” he said about the renovated Ontario Court Apartments and the new Jubilee JumpStart Early Childhood Development Center in April. Financing for the $9 million project by Jubilee Housing includes a $3.4 million loan from the District’s Housing Production Trust Fund.

Capital for the local fund comes from a share of the deed recordation taxes and real estate transfer taxes, currently 15 percent. The fund had revenues of about $78 million in fiscal 2008 but could see less revenue in the future because it is tied to the sluggish real estate market.

Fenty, 38, has boldly pledged to replace many of the city’s homeless shelters with 2,500 units of permanent supportive housing. The idea hasn’t been easy to sell, with some advocates protesting the closing of the Franklin School Shelter last year.