(Washington, DC) – On Thursday, September 5 at 11 am, Mayor Muriel Bowser will announce the first projects to receive support through the District’s Housing in Downtown program. Projects participating in the Housing in Downtown program will be required to make at least 10% of units affordable at 60% Median Family Income (MFI), or 18% of units affordable at 80% MFI.
Housing in Downtown is an innovative initiative, included in the Mayor’s Fiscal Year 2024 budget, designed to catalyze new residential development and add thousands of new residents downtown through a 20-year tax abatement for commercial-to-residential conversions. The District estimates that the initial $41 million investment in the program will deliver approximately 8,400 new homes in Downtown DC, which will support the overall goal of adding 15,000 new residents Downtown.
During the event, the Mayor will also announce businesses receiving conditional awards through the District’s $3 million Downtown Retail Recovery Grant program, which supports the opening or expansion of businesses in retail or commercial spaces that have been vacant for at least six months. These grants are specifically targeted to boost economic activity and reduce vacancy rates in Downtown DC by revitalizing neighborhoods that have faced challenges due to decreased foot traffic and commercial demand.
WHEN:
Thursday, September 5 at 11 am
WHO:
Mayor Muriel Bowser
Councilmember Kenyan McDuffie, At-Large
Councilmember Brooke Pinto, Ward 2
Nina Albert, Deputy Mayor for Planning and Economic Development
Katie Hartley, Director, National Real Estate Development
Matthew Pestronk, President, Post Brothers
Michael Darby, Founder of Monument Realty
Gerren Price, President and CEO, DowntownDC BID
Leona Agouridis, President and CEO, Golden Triangle BID
WHERE:
1625 Massachusetts Avenue NW
*Closest Metro Station: Dupont Circle Metro Station*
*Closest Bikeshare Station: 17th St & Massachusetts Ave NW*
Press interested in attending the event are asked to RSVP to [email protected].
The DC Office of Cable Television, Film, Music, and Entertainment will provide a live feed of this event. To view the event, visit mayor.dc.gov/live, tune in on Channel 16 (DCN), or watch on Mayor Bowser’s Facebook or X.
Mayor Bowser X: @MayorBowser
Mayor Bowser Instagram: @Mayor_Bowser
Mayor Bowser Facebook: facebook.com/MayorMurielBowser
Mayor Bowser YouTube: https://www.bit.ly/eomvideos