D.C. Housing Market Woes
The District of Columbia Housing Monitor for Winter 2008, released today, confirms what one might expect, given the national economic woes, the mortgage crisis and the District's own issues with affordable housing. The report findings: condo and home sales are down; single-family home prices are down; and new housing construction is down.
For low-income D.C. residents, the news is bad as well. The cumulative loss of federally subsidized Section 8 housing units continues to grow. In addition, more than 10,000 units for low and moderate-income tenants are set to have their affordability restrictions expire by 2010, "presenting a continuing challenge to preserving affordable housing in the city," according to the report.
The report contains a special focus on tracking subsidized housing and includes factoids such as the number of subsidized affordable units in development in D.C. -- almost 35,000 -- and how many households -- more than 9,700 -- benefit from city-funded housing choice vouchers which can be used in apartment complexes throughout the city.
The report was issued by NeighborhoodInfo DC, a partnership of the Urban Institute and the Washington DC Local Initiatives Support Corporation. It is based on data compiled by researchers from the Urban Institute's Center on Metropolitan Housing and Communities. The report is available at www.NeighborhoodinfoDC.org.
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