D.C. bill would address affordable housing by converting old office buildings into low-cost homes
“The D.C. Council is mulling several bills to increase affordable housing, as rising rents and home prices push longtime residents out of the city. One bill would offer tax credits to businesses or people who invest in financial institutions that put money into development projects in underserved communities. Another would convert underused office buildings into affordable homes. ‘Solving the affordable housing crisis is not something that will occur overnight and is not something that can be accomplished by any one entity or organization,’ said council member David Grosso, who proposed the tax credit bill. ‘However, through this legislation, we will add another financing tool to the arsenal and partner with the private market to expand the amount of debt capital available for affordable housing projects.’”