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. Mayor Muriel Bowser invested $10 million in local funds for the Housing Preservation Fund in DHCD’s FY17 and FY18 Budget.
Along with other private and philanthropic investments, the $10 million will be used to grow the fund to approximately $30 million—or a combined total of $80 million. These monies will quickly provide short-term bridge acquisition and pre-development financing to eligible borrowers. Properties targeted for fund investments are occupied multi-family housing of over five units, in which at least 50 percent of units are currently affordable to households earning up to 80 percent of the median family income (MFI).
The fund has three managers: (1) Capital Impact Partners, a Certified Community Development Financial Institution (CDFI) based in Arlington, Virginia, that has provided more than $64 million in financing for 12 projects that have preserved 1454 affordable housing units in the District; (2) LISC-DC, another CDFI which has provided $70 million in financing, through HPF, for 19 projects that have preserved 767 affordable housing units in the District and (3) Low-Income Investment Fund (LIIF), a national CDFI which has provided more than $12 million in financing for three (3) projects that have preserved 58 affordable housing units in the District.
To apply for Preservation Funds, please contact:
- Seth Whetzel at ([email protected]) for Capital Impact Partners (CIP)
- Ramon Jacobson at, ([email protected]) for LISC-DC
- Kenneth Stewart at ([email protected]) for the Low-Income Investment Fund (LIIF).