WBJ: Developers want part of $33.7M for affordable housing

Excerpt:

Washington Business Journal

by Jonathan O'Connell Staff Reporter

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 all across the city, in neighborhoods including Anacostia, Brightwood, Mount Pleasant, Petworth and Trinidad. The city’s own sources of affordable housing subsidies have been deeply hampered by the slow real estate market.

D.C. Mayor Adrian Fenty said in a June 23 statement that the money “will have an immediate and critical impact on the development and rehabilitation of affordable housing” and would bring jobs for D.C. residents.

Click HERE to continue reading and to see a list of upcoming projects including several in Southeast.

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