Anita Bonds Legislation to Preserve and Create Affordable Housing
At yesterday’s Legislative Meeting of the Council of the District of Columbia, At-Large Councilmember Anita Bonds introduced innovative legislation that will preserve and create affordable housing in the District of Columbia.
Recognizing that some neighborhoods are experiencing a boom in real estate sales, while other neighborhoods experience stagnant home prices, Councilmember Anita Bonds, working with housing advocacy partners, introduced the “Affordable Homeownership Preservation and Equity Accumulation Amendment Act of 2013” which will affect homeownership projects that utilize the Housing Production Trust Fund (HPTF) in neighborhoods designated as distressed.
Leading housing advocate Manna, Inc. has called the legislation a “no brainer”— adding that this “bifurcated option provides the best opportunity for the generating of wealth and development” in underserved communities.
A major component of the bill is an innovative “Recapture & Recycle” program that will return investment from home sales back into the HPTF coffers, which suffers from a lack of funds following years of cuts. These funds will in turn help create more homeownership opportunities for low-to moderate income purchasers.
Another initiative of the legislation will lift the resale restrictions of homes purchased with assistance of the HPTF from 15 years down to 5 years. This provision would apply only in the “distressed” neighborhoods as designated by the bill. These changes will stimulate economic growth, encourage commercial and residential investment, and allow the homeowners to shares of equity in their properties.