If the COVID-19 pandemic was not already difficult enough on the D.C. real estate development community, recent proposed legislation by the D.C. Council might make developing condominiums in the city more challenging.
Douglas Development Corp. is working with the District to secure $38.5 million in federal loan guarantees to back its New City DC project near Ivy City, arguing it can't get the project off the ground without the backing.
The 1.6 million-square-foot project is “not financially feasible” without the loan guarantee as the company “cannot attract additional private financing” unless it gets access to that $38.5 million, city officials wrote in an application, citing information from Douglas, posted to the District's website Sept. 21.
The DC Council Committee on Housing and Neighborhood Revitalization held a nearly nine-hour hearing on Thursday that covered five pieces of legislation related to rent control in the city. However, testimony at the hearing was less about the bills and more about the need for broader rent control reform….
Testimony was divided in two camps: tenants who think means-testing would be divisive and burdensome, and landlords and other advocates in the real estate industry who think means-testing would ensure rent control contributes to the city's affordable housing stock.
As Douglas Development looks to move forward with its massive New City development in Ivy City, DC is looking to give the project a boost.
"Certificates of assurance” might sound like dry legal documents, but they could generate windfalls for D.C. landlords or perhaps even handcuff lawmakers if they ever try to expand rent control protections in the city.
Its technical-sounding name aside, the principle behind these certificates is relatively simple: if D.C. expands its definition of which buildings fall under rent control, the owners of any affected properties can ask for a tax credit to offset that change….
Under the terms of the DC Health Emergency declared by Mayor Muriel Bowser (D) on March 11, 2020, District residents cannot be evicted or charged late fees until Dec. 9. Landlords must offer a payment plan to any tenant in arrears to help them become current.
To be eligible for a payment plan, a tenant must:
Landlords are required to:
The Department of Housing and Community Development (DHCD) has provided $6.4 million in financing from the Housing Production Trust Fund (HPTF) to produce 26 new homeownership units in in the Twining neighborhood of Ward 7.
"This is another project that helps us move toward 12,000 new affordable housing units by 2025," said DHCD Director Polly Donaldson. "It's also the culmination of consistent engagement between the community, the developer and our team. We're excited to invest in affordable homeownership opportunities in this neighborhood."
PRNewswire
Landlords are fighting a legal battle against D.C.'s ban on eviction filings. A judge will eventually decide whether the moratorium violates their constitutional rights.
D.C. has the strongest tenant protections related to evictions in the region, surpassing even the federal eviction ban, but some local landlords are trying to get lawmakers to water them down.
When the pandemic and economic shutdown began to hit the District in March, there were some anxious weeks about what that would mean for the local housing market.
While activity paused in early spring, buyers came back strong over the summer, driving median sales prices even higher because of the limited number of homes for sale. In September, the median sale price for a house in the District rose to $639,000, an 11 percent increase compared with September 2019, according to Bright MLS.
The Department of Housing and Community Development (DHCD) has provided more than $6.4 million in financing from the Housing Production Trust Fund (HPTF) to produce 26 new homeownership units in in the Twining neighborhood of Ward 7.
“This is another project that helps us move toward 12,000 new affordable housing units by 2025,” said DHCD Director Polly Donaldson. “It's also the culmination of consistent engagement between the community, the developer and our team. We're excited to invest in affordable homeownership opportunities in this neighborhood.”
