CAMPAIGN PLATFORM 2
Affordable Housing and Homelesseness Solutions

Platform: Housing is a Human Right

• Increase funding for affordable housing and accelerate the construction of mixed income developments.

• Expand rental assistance programs to help low-income families stay in their homes.

• Establish a Housing First model to tackle homelessness with immediate, permanent housing solutions paired with wraparound services.

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Signature Proposal: The 10,000 Homes Initiative – Build or preserve 10,000 affordable housing units by 2028, with $1 billion in funding from public and private partnerships.

 

Funding Strategy: Funding the Affordable Housing and Homelessness Solutions platform and the 10,000 Homes Initiative will require a combination of public investments, private sector partnerships, federal grants, and innovative revenue mechanisms. Here’s the detailed funding strategy to secure the $1 billion required for the initiative:

1. Reallocation of Existing Budget

• Affordable Housing Trust Fund (AHTF): Increase annual allocations to the DC Affordable Housing Trust Fund by redirecting underutilized funds from other housing related programs or surplus budgets.

  • Projected Contribution: $200 million over 5 years.

• Consolidating Homelessness Programs: Streamline overlapping homelessness programs to increase efficiency and direct savings toward permanent housing solutions.

  • Projected Contribution: $50 million over 5 years.

 

2. Public-Private Partnerships

• Developer Incentives: Work with private developers to build affordable housing through tax incentives, density bonuses, and expedited permitting processes in exchange for financial contributions.

  • Projected Contribution: $250 million over 5 years.

• Corporate Housing Contributions: Engage corporations headquartered in DC to co invest in affordable housing as part of corporate social responsibility efforts.

  • Projected Contribution: $50 million over 5 years.

 

3. Federal and Grant Funding

• HUD Programs: Apply for funding from the U.S. Department of Housing and Urban Development (HUD) for programs like HOME Investment Partnerships, Continuum of Care, and Community Development Block Grants.

  • Projected Contribution: $300 million over 5 years.

• Infrastructure Grants: Leverage funding from federal infrastructure programs to build housing-related infrastructure, such as transit-accessible developments.

  • Projected Contribution: $100 million over 5 years.

 

4. Innovative Financing Tools

• Municipal Housing Bonds: Issue housing bonds to raise capital specifically for affordable housing projects, with returns guaranteed by rental income or tax revenues.

  • Projected Contribution: $200 million over 5 years.

• Social Impact Bonds: Use performance-based financing where private investors fund housing initiatives and are repaid based on successful outcomes, such as reduced homelessness rates.

  • Projected Contribution: $50 million over 5 years.

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5. Local Revenue Streams

• Luxury Housing Fees: Introduce a modest fee on luxury property sales or high-value real estate transactions, with proceeds earmarked for affordable housing.

  • Projected Contribution: $75 million over 5 years.

• Vacancy Tax: Implement a tax on long-term vacant properties to encourage development and generate revenue for affordable housing.

  • Projected Contribution: $25 million over 5 years.

 

6. Philanthropic and Community Contributions

• Foundation Grants: Partner with philanthropic organizations focused on housing equity and homelessness solutions. Projected Contribution: $25 million over 5 years.

  • Community Housing Investment Fund: Allow local residents and businesses to invest in affordable housing projects with guaranteed returns.

• Projected Contribution: $25 million over 5 years.

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How the Funds Will Be Used

The $1 billion for the 10,000 Homes Initiative will be allocated as follows:

1. Affordable Housing Construction:

• Build 6,000 new affordable housing units, prioritizing transit-accessible areas and underserved wards.

• Total: $600 million

 

2. Preservation of Existing Affordable Units:

• Renovate and preserve 4,000 affordable units to prevent displacement and improve living conditions.

• Total: $250 million

 

3. Rental Assistance Programs:

• Expand rental subsidies for low-income families to prevent evictions and homelessness.

• Total: $100 million

 

4. Housing First Model Implementation:

• Establish permanent housing for homeless individuals, paired with mental health, employment, and addiction recovery services.

• Total: $70 million

 

Projected Funding Breakdown​​​