On April 2, 2013, Michael Kelly, Director, Department of Housing and Community Development (DHCD) announced a NOFA under a variety of programs including CDBG, HOME, the Housing Production Trust Fund (HPTF), HOPWA, and the 9% LIHTC program.
The release of this NOFA followed closely behind a March 26, 2013 article published by the Washington Business Journal citing two recent surveys indicating that the DC region is the most expensive housing market among thirty major metropolitan areas.
Apparently, the April 2 NOFA could not have arrived at a better time.
Let’s start with the good news. The City of Washington is prepared to commit tremendous resources to affordable housing development and preservation this year. Among its stated priorities in the April 2 press release are elderly housing, special needs housing, and the preservation of affordable housing with expiring federal subsidies.
Against that backdrop, here’s the bad news especially for low-income residents of this metro region. According to an analysis by ZipRealty Inc., the Washington, DC metro region is the most expensive housing market among thirty other regions. Following DC were Brooklyn and San Francisco.
According to the Washington Business Journal (WBJ) article that cited the study, “ZipRealty reported that the Washington area's median housing price from November through Feb. 10 was $1.03 million, 16.78 times the median income.”
As the City grapples with this reality, our housing-oriented agencies will be put to the test as scarce resources are allocated among competing programs and priorities. Click here to see the full RFP. Responses are due no later than May 31, 2013.