There are only 44 affordable rental units for every 100 extremely low income families in the District of Columbia.
The District is seeding two affordable housing preservation funds with $5 million each. Capital Impact Partners and Local Initiatives Support Corp. will manage the funds.
They’re looking to buy multi-family buildings where at least half the units are affordable to families earning up to 80% of median family income. “The fund managers will allow us to move more nimbly and quickly to acquire properties that we want to preserve as affordable housing,” said Polly Donaldson, of the district’s Department of Housing and Community Development.
DC’s investment could leverage an additional $20 million from private investors.