Press Release For Immediate Release
August 5, 2002

Deputy Mayor Releases Third-Quarter Housing Pipeline Report

(Washington, DC) The Williams Administration helped finance another 409 housing units in the third quarter, raising the total number of District subsidized housing so far in FY 2002 to 2,419 units. Since 1999, the Williams Administration has helped finance almost 10,000 new homes that are affordable to low and moderate-income families. This is in addition to the estimated 28,000 units of subsidized housing already in the District.

Today, the Office of Planning released a report showing that there are more than 25,000 units of housing in the city's pipeline. This includes 4,000 homes that were built since 1999 and 7,500 homes that are currently under construction. The other units have either been proposed or are in their final planning stages.

The District helps subsidize housing development through grants and loans. In FY 2002, the Housing Finance Agency provided almost $95 million in low-interest loans to 11 projects and the Department of Housing and Community Development invested almost $25 million in block grants to support 22 projects.

The 2,419 units will be available to low- and moderate-income families. Eight hundred seventy-six of the units (40%) will be available to low-income families who earn less than 50 percent of the area median income ($42,000 per year for a family of four). Fifty-four percent of the units (1,189) will be available to moderate-income families who earn between 51 and 60 percent of the area median income ($51,360 per year for a family of four). More than 95 percent of the units (2,238) will be rental accommodations.

Since the Williams Administration took office, the agencies have steadily increased their production while working to maintain existing housing:

• FY 1999: 1,547 units were financed
  
• FY 2000: 1,9028 units were financed
  
• FY 2001: 3,784 units were financed
  
• FY 2002 (to date): 2,429 units were financed