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Committee reviews retroactive tax forgiveness for 2607 Connecticut Ave. NW as developers warn of lease-up delays
Summary
SUM, Inc. and partners asked the Committee to extend certification timelines and forgive taxes for 2607 Connecticut Ave NW, a 23-unit workforce housing project, citing delayed lease-up and $384,604 in property taxes paid; OCFO said the project-level forecast can support permanent financing if certified but called the retrospective relief not strictly necessary.
Summit Incorporated and its partner SUM, Inc. described the 2607 Connecticut Avenue project as 23 junior one‑bedroom units targeted to households below 50% AMI with case management supports. "2607 Connecticut Avenue added 23 junior 1 bedroom units with case management for households below 50% AMI," a SUM representative said, and witnesses described delayed lease-up tied to agency RFP timing and voucher matching.
OCFO staff said their review of project financials shows the property’s projected net income should be sufficient to secure permanent financing if the property is certified under the amended workforce housing exemption. OCFO estimated the exemption’s value for the property at roughly $513,000 during the current financial-plan period, but concluded the retroactive relief is not necessary to secure financing; public witnesses said the retroactive relief matters because large tax bills have already reduced operating resources and can affect debt-stack and permanent-financing outcomes.
