The DC Housing Preservation Strike Force recommended the creation of a private-public preservation fund as one of six critical strategies to preserve affordable rental housing in the District. Since FY17, Mayor Muriel Bowser has now invested $29 million in local funds for the Housing Preservation Fund at the DC Department of Housing and Community Development (DHCD) that when leveraged by the fund managers will bring the fund to a record $116 million.
The goal of the preservation fund is to preserving the affordability of 100% of the District’s existing federally and city-assisted affordable rental homes. It offers eligible borrowers short-term financing for the pre-development and acquisition of occupied multi-family properties with more than five (5) housing units and half of the households earning up to $77,600 for a family of four.
The fund managers were selected from responses to a DHCD solicitation in August 2019 that outlined the following duties: 1) leverage public funds with private and or philanthropic funds to provide loans to borrowers for eligible activities; 2) market, underwrite, originate and service the preservation loans; 3) ensure compliance with the terms of the Housing Preservation Fund; and 4) coordinate monthly with DCHD on the use of the Housing Preservation Fund.
To apply for Preservation Funds, please contact Seth Whetzel ([email protected]) for Capital Impact, Ramon Jacobson ([email protected]) for LISC-DC or Holly Denison-Chase ([email protected]) for the Low-Income Investment Fund.