An emergency measure aimed at safeguarding over 11,000 affordable homes in the District of Columbia was unanimously approved during the Sixteenth Legislative Meeting, chaired by Phil Mendelson. This legislation responds to a recent court ruling that overturned nearly 40 years of practice, requiring Low-Income Housing Tax Credit (LIHTC) properties to adhere to local rent stabilization laws for the first time.

The ruling poses a significant threat to the financial stability of these affordable housing properties, which operate on narrow profit margins. Council members emphasized that without this emergency measure, many of these homes could face defaults and foreclosures, leading to potential evictions for thousands of low- and moderate-income families. The legislation aims to restore clarity and stability, ensuring that the financial structures of these properties remain intact and that investor confidence in D.C.'s affordable housing market is preserved.

Council Member Mendelson highlighted the importance of the LIHTC program in maintaining affordable housing without relying on new local tax dollars. He announced plans to introduce a permanent version of the legislation in the coming weeks, reinforcing the council's commitment to protecting tenants and ensuring the viability of affordable housing in the district. The measure received unanimous support from council members, marking a significant step in addressing the urgent housing crisis.