At Tuesday’s Legislative Meeting, the DC Council unanimously passed Bill 20-708, the “Housing Production Trust Fund Baseline Funding Amendment Act of 2014.” Bill 20-708, which was introduced by Councilmember Bowser, authorizes at least $100 million in appropriations for the Housing Production Trust Fund (HPTF) annually. HPTF is the District’s premier tool for producing and preserving affordable housing. Currently, funding for HPTF relies on a portion of taxes levied on real estate transactions, which subjects it to market volatility. The Housing Production Trust Fund Baseline Funding Act solves that problem by guaranteeing HPTF a minimum of $100 million per year. Establishing the HPTF baseline budget at $100 million per year will also help to address the current affordable housing crisis.
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