D.C. officials are launching a new push to assist office-to-residential conversions as they attempt to overcome developer skepticism that the projects are a realistic solution to the problems that ail the city’s downtown.
Construction continues at 1111 20th St. NW, where Willco is converting a 1960s-era office to residential.
The Housing in Downtown tax abatement program, authorized and budgeted for last year, would offer a 20-year tax abatement to property owners that add at least 10 housing units and change a building’s use in a designated portion of downtown. The program starts with $2.5M of annual funding for the fiscal year beginning in October, with more funding allocated for future years.
But developers say the abatement, which requires 15% of units in a recipient project be held affordable for those making up to 60% of the area median income, won’t be enough to address the complicated math required to make housing work downtown.
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