How Anchor Companies are Tackling Affordable Housing Issues in their Communities

In a panel hosted by Fannie Mae and Urban Institute, AJ Jackson, Executive Vice President of Social Impact Investing for JBG Smith, shared the impact affordable housing can make on a region: “What we as a company realized is that housing is critical to infrastructure. It’s as important as transportation and education for the region’s long-term growth and health. The Washington Housing Initiative became our solution to use our skills and talents as a company to try and address affordable housing.” Jackson also discussed the Impact Pool, which provides secondary financing to acquire or develop affordable housing communities, enabling the owners and developers to secure long-term, lower-cost permanent financing.

WASHINGTON, D.C. (May 9, 2019) --- The Washington Housing Conservancy, an independent non-profit and long-term steward dedicated to the preservation and sustainability of affordable workforce housing in the Washington D.C. metro region, is pleased to be named a pre-qualified developer by Mayor Muriel Bowser under the District Opportunity to Purchase Act (DOPA).This classification further supports Washington Housing Conservancy’s objective of fostering dynamic connected communities and combating displacement.

 “The Washington Housing Conservancy looks forward to working hand-in-hand with the Mayor and other local housing organizations and service providers to create sustainable workforce housing communities, responding to the growing need of affordable options for workers in the DC region,” said Kevin Clinton, COO of Federal City Council, anon-profit comprising the area’s top business, professional, educational and civic leaders, and Interim Executive Director of the Washington Housing Conservancy.

 The DOPA law was enacted in 2008 and allows the District to buy residential rental properties that are put up for sale in order to ensure they remain affordable for residents. In November 2018 final rules went into effect, which allows the Mayor to assign the District’s purchase right to a developer. This May the Mayor announced a list of 40 pre-qualified DOPA developers who had demonstrated a commitment to successful experience in preserving affordable housing. The Washington Housing Conservancy looks forward to utilizing this distinction to further the vision of expanding workforce housing and preserving affordability in the DC metro region.

About the Washington Housing Conservancy

The Washington Housing Conservancy is an independent 501(c)(3) non-profit organization and long-term steward dedicated to preserving and sustaining affordable workforce housing opportunities in the Washington, DC metro area. The organization is on the front lines in the community, interfacing with both the residents and service providers, to combat the displacement of today’s workforce. The Washington Housing Conservancy is the human face and service-oriented outlet of the Washington Housing Initiative. For more information please visit www.washingtonhousingconservancy.org