Press Release For Immediate Release
May 9, 2002
Deputy Mayor Releases Second Quarter Housing Pipeline Report
(Washington, DC) The Williams Administration helped finance 2,010 housing units worth $184.7 million in total development costs, and District agencies helped finance 2,010 units during the first two quarters of fiscal year 2002.
The Housing Finance Agency provided $74.5 million in debt financing to seven projects. The Department of Housing and Community Development utilized $6.9 million in Community Development Block Grant funds in support of eleven projects. These public investments helped leverage more that $184.7 million in total development costs.
The 2,010 units will be available to low- and moderate-income families.
- Over 35 percent of the units (710) will be available to low-income families who earn less than 50 percent of the area median income ($42,000 a year for a family of four).
- 49 percent of the units (1,000) will be available to moderate-income families who earn between 51 and 60 percent of the area median income ($51,360 a year for a family of four).
More than 90 percent of the units (1,895 units) will be rental accommodations.
Since fiscal year 1999, the Williams Administration helped finance more than 9,000 units of affordable housing, including the units financed during the first two quarters of fiscal year 2002. 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: 1,958 units were financed
- FY 2001: 3,784 units were financed
That production should continue to increase as District housing agencies work to close financing on the additional 4,500 units still pending in their pipelines. Combined, these Williams Administration projects will finance 13,852 units of housing.
In addition to this new housing production, the District's Housing Authority operates more than 9,000 units of public housing and administers 8,000 Section 8 certificates and vouchers. The private sector is also producing approximately 8,000 units of unsubsidized housing throughout the city.
For more information on specific projects, please contact the Public Information Officer at the Department of Housing and Community Development (442-7200), at the Housing Finance Agency (777-1600), or at the District of Columbia Housing Authority (535-1500).
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