The Department of Housing and Community Development (DHCD) has released its Fiscal Year (FY) 2007 Third Quarter Report for the Housing Production Trust Fund (HPTF or Trust Fund). This report provides a synopsis of the Department’s activities relating to the Trust Fund from April 1, 2007 through June 30, 2007. The report was submitted to the City Council Committee on Housing and Urban Affairs.
In the Third Quarter of FY 2007, DHCD closed two HPTF loans totaling $4,855,405. These projects are expected to provide 41 units of affordable housing. DHCD also provided $3 million to an approved lender under its Site Acquisition Funding Initiative (SAFI), which provides non-profit affordable housing developers funding for acquisition or predevelopment. In addition, commitments were issued for five projects in the quarter. These commitments represent a total DHCD investment of $12,510,357 and are expected to yield 370 units of affordable housing. The Report also includes information on projects funded by HPTF from FY 2001-2007.
Trust fund dollars are used to fund affordable housing units for residents who earn 0-80% of the Area Median Income (AMI). DC Law states that 40% of HPTF dollars must be used to benefit households 0-30% of AMI, 40% must be used to benefit households 31-50% AMI, and 20% to benefit households 51-80% AMI.
The report may be downloaded below.