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New D.C. bill aims to increase affordable housing fund to $120M

So far, $100 million is committed to the fund every year

Since taking office in January 2015, Mayor Muriel Bowser has committed $100 million every year to Washington, D.C.’s Housing Production Trust Fund (HPTF), more than any city per capita in the country. This permanent, revolving fund preserves and develops affordable housing in the District for low- and moderate-income households. If At-Large D.C. Councilmember Anita Bonds gets her way, the fund will increase up to $120 million.

Washington City Paper reported that Bonds introduced a new bill that would draw from combined property-transfer and deed-recordation taxes. Either $120 million would be taken from these taxes every fiscal year or 25 percent of the revenue generated by each of those taxes would be siphoned into the fund, whichever is greater.

Currently, the HPTF takes 15 percent of D.C.'s property-transfer and deed-recordation taxes with additional money coming from budget appropriations, according to the Washington City Paper.

Washington City Paper further reported that Council members Kenyan McDuffie, Robert White, Trayon White, Brianne Nadeau, and Vincent Gray have signed onto Bonds's bill. No hearing has been scheduled yet for the bill.

Another affordable housing-related bill recently introduced is one from McDuffie, which hopes to increase the number of family-sized affordable housing units in the city. If approved, the bill will require 10 percent of the HPTF to create affordable rentals with a minimum of three bedrooms.

New Bill Would Set Floor for D.C.'s Affordable Housing Fund [Washington City Paper]

New D.C. legislation aims to increase number of family-sized affordable housing [Curbed DC]