Green Mandates Can Add Value For High-End Apartments But Make Affordable Housing Harder To Build by Bisnow
Donahue Peebles III was invited to speak at Bisnow’s Boston Multifamily Conference on June 27th.
The event brought together prominent real estate executives who shed light on the significance of green mandates in achieving cities’ climate goals and discussed the additional strain they place on housing development, particularly in regions facing housing shortages.
During his engaging presentation, Donahue highlighted the importance of environmental sustainability and affordable housing for society to thrive. He stated, “There is certainly a hierarchy of needs, and I certainly think housing comes first, and ultimately we are solving for a more sustainable planet. I think that is important, but I also want to make sure there are no tents in public parks.”
Development Brings Affordable and Supportive Housing to Washington, D.C. by Affordable Housing Finance
17 Mississippi Apartments utilizes the local Housing Production Trust Fund and 4% LIHTCs.
The article emphasizes our partnership with the NHP Foundation to open 17 Mississippi Apartments, in Washington, D.C. The development offers 41 units, including supportive housing for the homeless and residences for income-qualified artists. Funding of $22.9 million came from various sources, including the D.C. Housing Production Trust Fund and low-income housing tax credits. The project aligns with the city’s goal of creating 36,000 housing units, including 12,000 affordable ones by 2025. Additionally, Legacy Chairman, Donahue Peebles III, emphasized the importance of affordable housing for socioeconomic mobility in underserved communities.
Read the full article here:
We are excited to announce that we have submitted plans to DC’s Historic Preservation Office for an innovative 21-unit residential development located at 2100 Martin Luther King Jr. Avenue SE. This project aims to transform a vacant parking lot into a three-story building.
The development will consist of thoughtfully designed one- and two-bedroom apartments, all offered at an affordable rate of 60% AMI, making it an inclusive and accessible housing option for the community.
We can’t wait to bring this vision to life, with a groundbreaking scheduled for fall 2024. Stay tuned for more updates on this incredible initiative.
Read the full article here: https://dc.urbanturf.com/articles/blog/21-unit_all-affordable_development_planned_for_middle_of_anacostia/21212
Exciting news in the affordable housing industry!
Washington, D.C., Mayor Muriel Bowser, along with D.C.’s Department of Housing and Community Development, has committed more than $170 million to 11 affordable housing projects in the District, according to the Mayor’s office.
Combined with the $135 million commitment announced in February 2022 that went to 10 projects, the financing marks the largest total commitment to affordable housing in a single fiscal year in D.C.’s history.
The 11 sites will receive Housing Production Trust Fund gap financing and will create 955 new affordable housing units and preserve an additional 164.
Each of the projects is linked to a developer, who is considered the housing provider.
In Ward 4, Legacy Real Estate Development and Phi Beta Sigma, a historically Black fraternity have partnered to build 35 new units, including eight designated as “deeply affordable,” at 145 Kennedy Street.
Legacy is dedicated to community support, prioritizing our responsibility to bridge the gap for underserved and minority communities.