Council backs multiple revenue‑bond declarations to finance housing rehabilitation and nonprofit headquarters
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The Council approved several emergency declarations and related resolutions authorizing revenue bonds for economic development and affordable housing: a $37.5 million authorization connected to the USBC headquarters campus, an up-to-$700 million authorization to support DC Housing Solutions Inc. renovation of roughly 3,500 units across multiple
The Committee approved several emergency revenue‑bond declarations and forwarded underlying resolutions to the Council’s legislative agenda.
Council member Kenyon McDuffie presented multiple measures at the request of the Mayor: a proposed issuance not to exceed $37.5 million to finance the acquisition and transformation of the former BET Studios and adjacent parcels for the USBC headquarters project in Ward 5; an authorization not to exceed $700 million in District revenue bonds to assist DC Housing Solutions Inc. financing and renovation of 19 buildings (approximately 3,500 units) across seven wards; and an $88 million authorization to support National Community Reinvestment Coalition (NCRC) facilities upgrades at 740 15th Street NW (Ward 2).
Committee members asked for context about the housing bond package; McDuffie and Council member Robert White noted the Housing Authority‑led Rental Assistance Demonstration and other preservation efforts targeted rehabilitation rather than new market‑rate development. White summarized the per‑unit back‑of‑envelope cost at roughly $200,000 per unit for rehabilitation work. The Committee approved the emergency declarations and the underlying resolutions were moved forward by unanimous voice vote.