From today's Washington Business Journal, for subscribers only right now, "Capitol Riverfront builders turn to HUD in hard times
," which talks about Forest City's previously reported dealings with the Department of Housing and Urban Development to back bonds for the affordable housing component of the stalled Foundry Lofts project
. Forest City's Ramsey Meiser is quoted as saying, "We are at a stage now where we are going back and forth. We have submitted paperwork. They have replied with questions. Hopefully, we will be back on track no later than this summer." (This is a little different than some recent breathless reporting
that said that the project "could" restart this month.) It would then take about a year to finish the 170-unit apartment building that will also have ground-floor retail space.
WBJ also says that Monument Realty is "mulling" Section 220 FHA mortgage insurance to help get the residential part of their Half Street project
restarted. But the 220 option, which has been used elsewhere in DC (Yale Steam Laundry and Rhode Island Station), doesn't sound real close--"Monument Realty has not yet applied for the Section 220 program but says it has been investigating the possibility since last summer. Russell Hines, the company's president, said the program's per-unit cost limit is a challenge," although there is federal legislation pending that would increase the per-unit statute.
(And, one correction for WBJ--this sentence could use a little love: "The Forest City and Monument Realty housing projects are just a portion of a four-building development planned at Half Street." The Foundry Lofts building, part of the Yards
, is four blocks away from Half Street. UPDATE:
It's been corrected.)