Two reports recently deemed D.C. the most gentrifying city in America. Yet, D.C. Council’s draft FY2020 budget proposes to eliminate one of our most effective tools that prevents displacement. This tool, the Affordable Housing Preservation Fund, provides quick financing to tenant associations and the District to buy apartment buildings when they go up for sale. But now, the D.C. Council’s draft FY2020 budget would eliminate funding for this crucial preservation tool.
D.C. is an expensive city and increasingly unaffordable to many residents. But we can make a difference in the policies and investments that we make. One of our most effective tools to prevent displacement is the Affordable Housing Preservation Fund.
This vital tool leverages private dollars to provide timely financing to low-income tenants who are determined to remain in D.C. In just two years, the fund is already preserving nearly 900 homes all over the city. Building on this success, the Mayor’s FY2020 budget proposed $15 million for the Affordable Housing Preservation Fund, up from last year’s $10 million.
But the D.C. Council’s proposed budget would zero out this essential loan fund. The loss of this money will leave many tenant association and District deals that could preserve affordable housing and prevent the displacement of long-time residents unfunded.
Before the Council votes next Tuesday, May 28, let Chairman Mendelson and the D.C. Council know that you support the Affordable Housing Preservation Fund and want to ensure it continues to help D.C. residents stay in their homes and preserve affordable housing.
Want more information? See: DC is on track to cut this affordable housing preservation tool.
UPDATE: Due to all of our strong advocacy, on Friday, May 24, the D.C. Council budget added $7.5 million to the Preservation Fund. While this is an enormous improvement, we are still seeking funding at least on par with last year’s budget of $10 million, if not the Mayor’s proposed increase to $15 million. Click here to take action.