Today, DC Council voted unanimously to support at least $100 million in appropriations for the Housing Production Trust Fund annually. Bill 20-708, the Housing Production Trust Fund Baseline Funding Amendment Act of 2014, was introduced by Councilmember (now Mayor-elect) Bowser in recognition of this critical tool for producing and preserving affordable housing. Since the legislation is subject to appropriation, it will require further action by the Mayor and Council in the DC budget.
“CNHED applauds the DC Council for their commitment to ensure that every District resident can live in housing that is affordable to them,” says Stephen Glaude, Executive Director of CNHED. “This legislation is a major step forward in creating a predictable source of funds for preserving and developing affordable housing.”
In introducing the legislation, Mayor-elect Bowser acknowledged the important efforts of CNHED’s Housing For All Campaign. CNHED has advocated for significant and stable funding for the Housing Production Trust Fund for over a decade. “It is through the dedicated work of Housing For All Campaign supporters and CNHED members that this legislation has passed,” says Campaign Organizer Elizabeth Falcon. “Through Council visits, town hall meetings, and direct advocacy, we have educated legislators about the value of the Trust Fund.”
What the Trust Fund has done for DC
- The Trust Fund is crucial to meeting DC’s affordable housing goals of ending chronic homelessness, supporting first-time home buyers, and creating and preserving high quality rental housing.
- It has produced and preserved over 8,500 affordable homes across every ward in the District. There are 2,300 more affordable homes in the pipeline with Trust Fund commitments.
- Estimated conservatively, more than 18,000 DC residents currently live in units funded by the Trust Fund.
- For every dollar invested from the Trust Fund, $2.50 was invested from other sources.
- It has created an estimated 10,000 short-term and permanent jobs.
- It has strong guidelines that prescribe levels and lengths of affordability to serve District residents with the greatest housing need.
- When used with DC’s Tenant Opportunity to Purchase Act, it provides tenants with the opportunity to stay in their homes and preserve affordable housing for themselves and their neighbors.