In Washington DC, public policy and nonprofit housing advocacy has long pushed to promote homeownership. For good reason – the homeownership rate here has traditionally lagged behind other jurisdictions around the country, with only 45.8% percent of households owning (as of 2005).
While we at LISC support this push and provide resources to help make for-sale housing more affordable, we recognize that there is a sizable population that is not at the place where it makes sense to purchase a home. Whether for financial or stage of life reasons, we need to make sure that those who choose to rent have access
to affordable options At LISC, we are working to help create more affordable rental opportunities by investing nearly $2 million in three new affordable rental housing developments.
The first, Jasper Place, will be developed by East of the River CDC and will preserve 40, 2- bedroom affordable apartments to the Congress Heights neighborhood of Ward 8. The property is currently vacant and in need of substantial rehabilitation. LISC will invest $1,000,000 for the acquisition of this property.
The second property we are investing in is 1025 Park Road NW, located in the Columbia Heights neighborhood of Ward 1. This six-unit building, owned by a local church, will be renovated by the Development Corporation of Columbia Heights as affordable rental housing. To cover the upfront predevelopment costs, LISC will provide a $75,000 loan.
The third property, 740 Barnaby Place SE, is located in the Washington Highlands neighborhood of Ward 8. Developed by So Others Might Eat (SOME), this project will provide ten 2-bedroom apartments and a staff occupied efficiency, community space
and staff offices. LISC is providing $850,000 in acquisition financing in partnership with the Washington Area Housing Trust which is utilizing the Strategic Acquisition Financing program (SAFI).
In total, these three properties will provide 56 affordable rental apartments. We plan to continue making investments in both for-sale and rental housing, as we work to create neighborhoods that are places of choice for households along the income spectrum.