Mayor Vincent C. Gray Announces Funding Commitment to Create Affordable Housing and Support Small Businesses


More Than $35 Million Made Available for Housing and Community Development

WASHINGTON, DC – September 10, 2012 – (RealEstateRama) — Mayor Vincent C. Gray today announced more than $35.1 million in financing will be made available by the Department of Housing and Community Development (DHCD) to create and retain affordable housing units, provide housing counseling services to District residents and technical assistance to support small businesses.

In March, DHCD released a Notice of Funding Availability (NOFA) which resulted in more than 60 proposals submitted by 41 organizations. DHCD recommended to the Mayor 39 of those proposals to receive federal or local funds administered by the agency.

The recommended proposals were submitted by 30 developers and non-profit organizations that met the agency’s eligibility criteria. Their proposals received high rankings on several scoring factors that included meeting the District’s objectives for affordable housing, neighborhood revitalization and small business assistance.

“These proposals contribute to our goals of providing safe, decent and affordable housing options for District residents and giving small business the tools to help them revitalize underserved neighborhoods,” said Mayor Gray. “It is important that the District uses the funding resources available to us in an efficient manner to benefit our residents, businesses and communities most in need.”

More than $28 million will be leveraged to create and retain approximately 700 affordable housing units for senior citizens, residents with special needs and purchases by tenant groups. About $3.8 million will be made available for several organizations to provide housing counseling services to District residents. An additional $3.2 million will be made available for several non-profits to provide technical assistance and façade improvements to small businesses.

The funds are being made available under the U.S. Department of Housing and Urban Development’s Community Development Block Grant (CDBG) program, the Home Investment Partnership (HOME) program, 9% Low Income Housing Tax Credits (LIHTC) program, the Community Challenge Planning Grant (CCPG) program, the District’s Housing Production Trust Fund (HPTF) program and the Department of Mental Health (DMH).

Previous articleTwo More Convicted of Mortgage Fraud
Next articleLee & Associates Charleston Promotes Will Sherrod to Principal