(RECAP: Since 2001, when D.C.’s Housing Production Trust Fund was finally given some working capital more than a decade after its creation, it has managed to support the construction or preservation of just 10,081 units of affordable housing city-wide. The fund has spent roughly $622 million on loans to support these projects, according to the audit. That comes out to a per-unit cost of $61,700 — a startlingly inefficient use of the city’s capital.)
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(RECAP: Community Preservation Partners (CPP) has expanded into the East Coast with the $17.5 million acquisition of Midlothian Village Apartments in Richmond, Va.)
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(RECAP: The first-ever comprehensive audit of D.C.’s Housing Preservation Trust Fund—a nine-figure coffer that provides loans and grants to developers across D.C., and is in many ways the backbone of D.C.’s affordable housing effort—is a damning one, indicating that chronic mismanagement of the fund by the Department of Housing and Community Development (DHCD) has likely wasted tens of millions of dollars, a report published this morning by the office of the D.C. auditor says.)
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