The District of Columbia Council last week approved a $170 million project to rebuild a distressed low-income housing complex as a mixed-use, mixed-income neighborhood. The project is expected to include about $58 million of bond funding.
The Park Morton New Communities Plan calls for replacing existing low-income units with 523 new residential units that will be made available for residents at all income levels, according to a news release.
Sean Madigan, spokesman for the deputy mayor for planning and economic development, said the city will tap the housing production trust fund, which is supported by the real estate transfer tax, to help finance the project.
Madigan expects the first tranche of bonds to be about $28 million. He said the city will most likely put out a request for developers in the next few months.
The plan includes 74 replacement units for existing residents, 317 market rate and workforce units, and home-ownership opportunities for low-income residents. Replacement units will be priced for families earning at or below 30% of the area median income, or about $27,000 for a family of four.
The plan also calls for a 10,000-square-foot park, a 4,000-square-foot community center, underground parking, and new retail and office development.
