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.
Click here to read the rest of the article written by Jacob Wallace over at Bisnow
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