DC’s Housing Production Trust Fund

March 31, 2015 : Mayor Muriel Bowser announced that her proposed FY16 Budget includes $100 M for the Housing Production Trust Fund!

Since 2002, the Housing Production Trust Fund (HPTF) has been the key tool for preserving and developing affordable housing – helping to create vibrant neighborhoods in the District of Columbia. The Trust Fund, administered by the DC Department of Housing and Community Development, enables non-profit housing providers, mission-driven for profit developers, and renters wishing to exercise their Tenant Opportunity to Purchase Act to improve and develop affordable housing in all eight wards.

What the Trust Fund has done for DC 

  • It has produced and preserved 8,583 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.
  • It has been used to add or improve housing across the Continuum of Housing: supportive housing, affordable rental housing, and affordable ownership housing.
  • 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.

 

How DC’s Housing Production Trust Fund Works

DC’s Housing Production Trust Fund has strong guidelines to ensure that the program serves the diverse housing needs of the District.

  • At least 50% of HPTF must be for rental housing because of the high proportion of renters in DC.
  • Trust Fund dollars were required to target very low income residents – 40% of the funds were designated for assisting households with incomes under 30% of Area Median Income (AMI), 40% for 31-50% AMI, and 20% for 51-80% AMI.
  • Units receiving funds from HPTF have to remain affordable; rental units for not less than 40 years, and a range of 5-15 years for ownership units.

 

Read the full report – A Decade of Progress: Investing in Lives and Neighborhoods through the Housing Production Trust Fund.

 

Check out the homes developed or in the pipeline that have been made possible by the Housing Production Trust Fund!