LIIF receives $3 million award from the District of Columbia Preservation Fund
LIIF is pleased to announce that we have been awarded $3 million from the District of Columbia Preservation Fund.
The Fund provides quick access to short-term bridge, acquisition and pre-development financing for eligible borrowers to purchase and rehabilitate occupied building with more than five units. At least 50 percent of units must be currently affordable to households earning up to 80 percent of the median family income. The Affordable Housing Preservation Fund activities are being funded in partnership with the District of Columbia Department of Housing and Community Development (DHCD).
LIIF will use the financing to preserve more homes in Washington, D.C. for low income families, who are at risk of displacement as rising rents push out longtime tenants. This financing will not just preserve homes. It will also improve property conditions and guarantee long-term affordability.
“Access to District of Columbia Preservation Fund financing will allow LIIF to help developers acquire more properties, guaranteeing long-term access to affordable housing, improved property management, and better housing conditions.” says Holly Denniston-Chase, Deputy Director, Mid-Atlantic. “LIIF recognizes the important investment the District of Columbia, and especially the DHCD, is making by growing the DC Preservation Fund.”
Watch the announcement to learn more about the Fund and this year’s fund recipients.