D.C. will hand out $66 million in loans to support nine projects that could someday result in the construction or preservation of 1,100 affordable homes.
Mayor Muriel Bowser announced the awards Friday, handing out loans to a series of developers that sought assistance through the city’s Housing Production Trust Fund (HPTF), its main loan fund to power affordable development. In all, the loans should support the construction of 660 new homes.
The projects selected for funding all sought loans when the city’s Department of Housing and Community Development put out a request for proposals in 2019. But even with a $100 million annual investment in the trust fund — the largest in the region — the city has consistently been unable to assist all of the projects looking for loans.
