The Federal City Council is proud to partner with JBG SMITH to establish the Washington Housing Initiative, a new private-sector-led effort to develop and preserve as many as 2,000 to 3,000 units of affordable workforce housing in the Washington area for those earning an average of 60 percent of the area median income, i.e. approximately $60,00 to $70,000 per year.
Rising housing costs are placing an increasing burden on DC residents, especially families. Although the District of Columbia’s affordable housing efforts are among the most aggressive in the country, they remain insufficient to address the demand for more affordable workforce housing. Without new solutions, housing affordability will hinder DC’s economic growth and its efforts to become a more equitable city.
The Initiative is designed to help preserve housing affordability in rapidly changing communities and to allow residents to benefit from neighborhood improvements instead of being displaced by them so that the people who serve DC, such as first responders, educators and service workers, have the opportunity to remain in DC.
The Initiative consists of two component parts:
- The Washington Housing Conservancy will be a new, independent 501(c)(3) non-profit organization which will acquire, develop, own, and operate affordable workforce housing in High-Impact Locations. Through grants to non-profit partners and discounted rents to service providers, the Conservancy will also contribute to the social well-being of the residents it serves. The Conservancy will be funded through donations and earnings from the properties it manages. The Federal City Council will help launch the Conservancy.
- The Impact Pool, a vehicle which will be managed by JBG SMITH that will provide capital for the acquisition and development of affordable workforce housing in High-Impact Locations. Returns on Pool investments are capped, with any additional proceeds used to provide longer term resident affordability and additional neighborhood services. The Impact Pool will invest at least 50 percent of its resources on housing projects in the District of Columbia. For more information about the Impact Pool, visit JBG SMITH.
In addition, a Stakeholder Council consisting of thought leaders, academics, government and policy leaders, non-profit service providers, key investors, and key donors will advise the fund on its real estate and social impact approach.
The goal of the Initiative is to create a new innovative and replicable model for addressing housing needs the Washington area.
Please contact Kevin Clinton at the Federal City Council for more information. He can be reached at (202) 481-3255 or firstname.lastname@example.org.