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DCHA outlines $700M IRB revitalization plan but council presses on costs and timelines
Summary
DCHA described an industrial revenue bond (IRB) program to finance a multi-tranche revitalization of public-housing properties; officials said the first tranche (nine properties) is roughly $400M and that higher construction costs mean further funds and creative financing will be needed.
DCHA told the committee that the industrial revenue bond (IRB) program is intended to fund a multi-tranche preservation and rehabilitation program across the authority's portfolio. "The IRB funded revitalization plan ... will touch 3,000 affordable housing units," Interim Executive Director Nicole Wycliffe said, summarizing the agency's long-term plan and the immediate scope of phase one.
Council members pressed DCHA on whether $700,000,000 will be sufficient to complete the planned work; DCHA officials said rising construction costs, infrastructure needs and the complexity of relocations mean the original estimates will likely fall short and that additional financing, public dollars or repositioning tools (RAD, Section 18) will be needed. The agency expects several closings at year-end for the first tranche and will phase construction according to vacancy, readiness and long-term viability criteria; the committee asked for a detailed phasing schedule and resident-return commitments.
