NEWS RELEASE FOR IMMEDIATE RELEASE
August 16, 2002
$25 Million Available for Affordable Housing Development
The Department of Housing and Community Development (DHCD) is making available $25 million in local Housing Production Trust Fund monies, federal HOME and Community Development Block Grant funds, and Low-Income Housing Tax Credits for developers committed to creating affordable housing.
DHCD is soliciting proposals for the new construction and substantial rehabilitation of rental and for-sale housing, the preservation of rental housing with expiring federal subsidies, elderly housing, and special needs housing for persons with physical and mental disabilities. The department supports projects that provide housing for extremely low- (less than 30 percent of area median income), very low- (between 30 and 60 percent of area median income), and low-income (less than 80 percent of area median income) families. DHCD will also make a small amount of funds available for the development of community facilities that serve low-income families.
The deadline for proposal submissions is Tuesday, October 15, 2002 at 4 pm. DHCD is expected to announce the developers selected to go forward to the underwriting stage in early December 2002, and the department expects to issue letters of commitment in early March 2003.
DHCD provides a variety of services to individuals and organizations interested in developing housing or businesses in District communities.
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