Low Income Investment Fund (LIIF) is pleased to announce that the District of Columbia Preservation Fund awarded LIIF $3 million. LIIF will leverage this grant with LIIF capital to provide flexible, low-cost financing for the preservation of affordable housing in 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.
The Fund provides quick access to short-term bridge, acquisition, and pre-development financing for eligible for-profit and nonprofit borrowers to purchase and rehabilitate occupied buildings 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).
“Access to DC 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 Region. “LIIF recognizes the important investment the District of Columbia, and especially the DHCD, is making by growing the District of Columbia Preservation Fund.”
Key loan features include:
For more information on financing for housing preservation, contact Holly Denniston-Chase, LIIF’s Deputy Director, Mid-Atlantic Region, hchase@liifund.org or 202.677.4286. You can also view more details here.
HAND members are hard at work addressing the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these individuals and organizations within our membership. This informal conversation asks HAND members about their recent projects, the affordable housing industry and more. In the latest edition, we chat with Anne Venezia, Arlington County’s new Housing Director.
In my new role, I also look forward to further collaborating with organizations like HAND and MWCOG to share ideas and problem solve. The need for new approaches at a regional level has never been greater.
Ms. Venezia brings more than 20 years of experience in housing policy and finance.Combined with her deep knowledge of Arlington and strong interpersonal skills, she was the top candidate in a national search. In her new role, Ms. Venezia will direct the Housing Division’s portfolio of financial and development programs and services.
She most recently served six months as the Acting Housing Director and was the Housing Finance Manager for four years prior. Venezia joined Arlington County in 2008 and gained experience delivering strategic financial planning, asset management, multifamily development and acquisitions, and housing policy oversight. Check out our conversation below:
HAND: You have extensive experience in the housing/community development industry – can you tell us about the journey you’ve taken to get to this point?
AV: I started my career in consulting, working on housing policy and disaster recovery at two different firms before entering the public sector. I accepted a position with the Development team in Arlington County’s Housing Division in 2008, underwriting loans to support acquisitions of new affordable units and ramping up my housing finance skills in the process. Following a re-org in 2016, I moved to a newly created Finance and Asset Management team. While managing this team, I oversaw an annual budget of $30 million for housing programs (largely multifamily development) as well as asset management and compliance functions of the County’s more than 8,000 committed affordable units, nearly $400 million in multifamily development loans, and over 200 single-family loans. While much of my background has been on the finance and data side of housing, working directly with families benefitting from these programs — whether in disaster ravaged neighborhoods or onsite at one of the County’s affordable properties — has always had the greatest impression on me, and is a reminder of how important our affordable housing work is to support these households.
HAND: Can you tell us about your latest role? How are you dealing with the impacts of COVID-19 simultaneously?
AV: I served as Acting Housing Director from November 2019 until April 2020 and was offered the permanent Housing Director position at the end of April. Coming into this role during a national pandemic has its challenges – we’re balancing existing programs with new COVID-related relief programs, all while learning new technologies that enable remote work and virtual community engagement. Thankfully, we have a dedicated and hardworking staff that has surpassed expectations in meeting these new demands and we’re looking for opportunities to improve our service delivery that can continue into a post-COVID world.
HAND: What is the most important takeaway(s) from your experience thus far that you’re bringing into your new role?
AV: While metrics can be powerful in demonstrating how impactful a housing program is (or not), the people we’re helping through our programs need to be our central focus. Especially in this new COVID reality—when households are struggling more than ever to pay for basic expenses such as housing, food, and medical care—we need to constantly re-evaluate how we can help and anticipate emerging needs. And, as budgets tighten, evaluating which programs can serve the greatest needs will allow us to support as many households as possible.
HAND: What do you think is the largest hurdle when it comes to creating and preserving affordable housing across our region
AV: While there are many challenges to affordable housing in our region, limited supply and housing types are major drivers of these constraints. Even in the era of COVID, growth continues in our region; having a limited supply of affordable housing types drives up demand and prices for the limited options that do exist. There simply aren’t enough rental options in our region to meet demand, particularly for those households earning less than 60% of area median income (AMI). This results in public sector subsidies being the primary, if not only way for households earning <60% of AMI, to live in Arlington and other high-cost areas of our region.
Further exacerbating the problem is high land values in our region, which disincentivizes production of affordable housing types on these parcels. Land owners wish to maximize returns on their properties; often it’s not economical to build smaller and potentially more affordable housing types, rental or homeownership. Instead, the housing types built on these expensive parcels often are out of reach for most low and moderate-income renters and homeowners.
The good news is we’re in an economically strong region, which can provide us with the resources needed to address these supply challenges.
HAND: What are you most looking forward to over the coming months?
AV: The saying “innovation loves a crisis” gives me hope during this unprecedented time. As a County, we’re challenging ourselves to try new approaches to continue service delivery while staff is largely remote. While we’re faced daily with the devastation of COVID on our low-income communities, these challenges are sparking creativity in our otherwise daily tasks – how can we serve 10 households with a program that typically serves 8? Is it time to resurrect programs that appeared unnecessary years ago but now are relevant again? Can we rethink opportunities for housing affordability in the face of tightening budgets?
Larger economic changes, while challenging to those markets, also may present opportunities for affordable housing. As the real estate market changes due to an increase in remote work, New York City and other urban areas see increased office vacancies as opportunities to re-purpose these spaces for affordable housing. These types of approaches could introduce new options in the DC area as well.
In my new role, I also look forward to further collaborating with organizations like HAND and MWCOG to share ideas and problem solve. The need for new approaches at a regional level has never been greater.
HAND: Do you believe there is a “secret sauce” to addressing housing affordability? If so, what do you think that is?
AV: Affordable housing challenges are complex – there isn’t a single solution that can fully meet the need. However, a multi-pronged approach could go a long way in addressing these challenges:
HAND: If you weren’t working in this industry, what might you be doing?
AV: Writing novels in a far-away mountain cabin. My family probably wouldn’t join me in a remote location, however, so I’d probably need to settle for writing in an inspired place closer to Arlington. 😊
Several HAND members were recently named among the Top 50 Affordable Housing Developers of 2019 in Affordable Housing Finance. The following members were recognized:
Congratulations to our HAND member organizations and all of this year’s honorees! You can check out the full list here.
A new partnership with Bank of America enables Howard University to provide testing and health care to DC’s most vulnerable and under-served neighborhoods. An excerpt from the press release reads:
Bank of America has awarded a $1M grant to the Howard University Faculty Practice Plan (HUFPP) to improve access to COVID-19 testing in the diverse Washington, D.C. communities located east of the river.
‘We’re excited to partner with Bank of America to get these critical resources to the areas that need them the most,” says Howard University President Wayne A. I. Frederick. “Many of our patients travel great distances to come to Howard University Hospital, which makes it challenging to seek medical attention at the first sign of illness. Our goal is to meet the community where they live so their access to care greatly improves and hopefully we can reduce the spread of the coronavirus significantly.’
Beginning on Tuesday, May 5, Howard University Faculty Practice Plan will host testing at the new Benning Road Center, located at 4414 Benning Road, N.E., Washington, D.C., Suite 2400. The free testing will be available on Tuesdays and Thursday, from 10 a.m. to 2 p.m. for the next three months. Residents can sign up by appointment by calling 202-865-2119, option 3. The team will see patients who are showing symptoms or who believe they are asymptomatic.
‘You will not need to have a doctor’s prescription in advance to get tested at our location,” says Dr. Hugh E. Mighty, Howard University vice president of clinical affairs. “We want to eliminate the obstacles so more people can be tested because we believe everyone should be tested. We want to screen our community neighbors in the areas where there are higher incidents of hypertension, heart disease and diabetes because those pre-existing conditions are linked to the higher incidents of coronavirus that we’ve seen in African American communities.’
As the need increases, the Howard team will look at expanding to include a mobile unit to provide testing options in a second area of the city. In addition to funding the tests and equipment, a portion of the grant will be used to enhance Howard University Hospital’s telehealth services. This will expand a doctor’s ability to see patients remotely and increase the patient’s access to care.
Montgomery County Council passed “The COVID-19 Renter Relief Act”, effective April 24, 2020, which prohibits landlords from increasing existing tenants’ rent by more than 2.6% after April 24 and during the COVID-19 catastrophic health emergency signed by the Governor of Maryland on March 5, 2020.
“This bill is an important step in helping our Montgomery County residents during this difficult time,” Councilmember Jawando said. “We have yet to know the full damage that will occur as a result of Covid-19 or what the actual recovery will be like for those who have lost jobs and their income. Our residents deserve the stability of knowing that their housing is protected. Today the Council has sent a strong message that our renters cannot be taken advantage of during this health crisis.”
Learn more on Montgomery County’s website.
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Guest List & Dietary Preference: If your registration includes a luncheon table or multiple guests, please submit guest names and menu choices by May 1, 2020. Submit guest names here.
Housing Expo: Plan to exhibit? Download the Housing Expo FAQs here.
Omni Shoreham Hotel Room Block: For attendees looking to secure overnight accommodations on May 25th, HAND has secured a rate starting at $189 for conference attendees. There are a limited amount of rooms available, so visit this link today to reserve your room. May 10th is the last day to secure a room at the discounted rate.
Ad Submission: The artwork for advertisements should be submitted to annualmeeting@handhousing.org. You can download the ad spec sheet here. Deadline for ad submission is April 13, 2020.
Cancellations & Changes: If you wish to cancel or change your registration for the Annual Meeting & Housing Expo, please send a request in writing to annualmeeting@handhousing.org. All cancellation requests made prior to April 27th will receive a 50% refund. For cancellation requests made after April 27th, no refund will be provided.
Door Prizes: Are you interested in donating a door prize to this year’s Annual Meeting? Email annualmeeting@handhousing.org to coordinate with our team.
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