Since January, 2003
            
 Sliding from Before to After

The DC Housing Authority, which has been unable to find a corner of the financial markets unfrozen enough to buy bonds that in normal times would help pay for infrastructure and redevelopment, is applying for $9.5 million from a nearly $1 billion Housing and Urban Development "Capital Fund Recovery Act" fund that has been created to, among other things, provide "gap financing" for public housing projects, like Capper/Carrollsburg, that are stalled thanks to the problems in the municipal bond market.
According to this "narrative and schedule" that DCHA included with its application to HUD, the money would finance both public infrastructure and private site improvements needed to begin the construction of the second phase of the Capitol Quarter mixed-income townhouse development (the blocks between Third and Fourth south of I), which will have 163 units, 47 of which are public housing rental units (along with 60 market-rate, 39 workforce-rate, and 17 public housing home ownership units). The narrative indicates that the $55 million Capper PILOT bonds approved by the city council last year that were to fund the new community center and infrastructure improvements not only in the Phase II blocks but also on the north and east sides of Canal Park and over to the DPW site never made it into the bond market; attempts to secure loans from both Fannie Mae and Wachovia also were fruitless.
There's a lot of detail in the narrative that I'm not going to try to summarize (I start to glaze over once I get to Low Income Housing Tax Credits [LIHTC] and anything having to do with "leveraging"):, but it does say that if awarded the HUD CFRC grant money, DCHA would immediately have its engineers complete permit drawings, which can then be put into the city's permitting process (estimated to last 90 days), after which infrastructure work can begin--the schedule at the end of the document estimates a start date of Dec. 1. This work would include repair or replacement underground water, sewer, and "dry utilities" lines, new streets, curbs, and gutters, additional lighting, and public landscaping.
The HUD funds would also be used to pay for the land preparation costs and foundation construction of the 47 public housing units, covering a $1 million gap that occurred in the planned Phase II funding thanks to problems in the LIHTC market.
The housing authority says that, if this HUD money is not forthcoming, "over $41 million in economic activity in the District will not be realized," and that "approximately 150 construction and other related jobs will not be created." Plus, the delay in building these 47 public housing units "will continue to frustrate the hopes of former residents to return to their neighborhoods in order to reestablish the deep social roots that existed prior to the demolition of their apartments."
The grants will be awarded later this summer.
The AP Press wrote a few weeks ago about this HUD program, which was expanded in May beyond just the "high performing" housing authorities originally eligible to apply for funds; this $1 billion fund is money beyond the $3 billion in stimulus money that will be going to the nation's 3,100-plus housing authorities via formula-based distributions.
(Boy, I hate to post this at 4 pm on a summer Friday, when people aren't exactly attuned to grant applications. But news is news...)
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Brandon Green says: (6/29/09 1:50 PM)
Glad you did post it--hopefully DCHA is successful.

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1300 4TH ST SE 1001   
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AP BOWER RETAIL LLC / null
E2104231 / SUPPLEMENTAL
1346 4TH ST SE APT 1M   
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UNITED STATES OF AMERICA / RENNE WELL; RICK HARLAN SCHNEIDER
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02/16/21 
CXS TRANSPORTATION INC / VICTORIA STEINHOFF; TBD
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Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
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