Wednesday, June 17, 2020

Mayor's proposed FY21 budget incudes "$75.5M for McMillan Reservoir redevelopment"

See this message in today's DMPED e-newsletter regarding the Mayor's Fiscal Year 20201 proposed budget -- which includes "$75.5M for McMillan Reservoir Redevelopment."
                                               

Mayor Muriel Bowser presented her Fiscal Year 2021 (FY21) Budget and Financial Plan to the Council of the District of Columbia on May 18, and on June 3, DMPED testified on its FY21 proposed budget before the Council on Committee on Business and Economic Development.
The Mayor’s budget makes significant new investments in education, healthcare, housing, jobs and economic opportunity, public safety, transportation, and more. 
The Mayor’s proposed FY21 budget supports DMPED’s commitment to producing and preserving affordable housing, supporting our local business community, and growing the District’s tax base. DMPED will continue its efforts to promote housing affordability and stability, and support for the minority and undeserved business communities -- focus areas that have become even more important in uncertain economic times due to COVID-19. 
Below are a few highlights of new investments and initiatives, particularly around affordable housing and business support, in Mayor Bowser’s FY21 budget proposal, as well as DMPED specific budget investments:  
  • An investment of $100 million in the Housing Production Trust Fund (for the sixth consecutive year) and a $1 million investment in the Housing Preservation Fund.
  • $76M in the capital plan for the creation of the Public Housing Assessment and Structural Transformation Fund (PHAST) to renovate, rehabilitate, and refresh the DC Housing Authority portfolio to ensure residents have safe, healthy and stable homes.
  • An increase of $5.4 million for the Local Rent Supplement Program in FY22 and FY23, which provides tenant- and project-based rent vouchers and is essential to providing persons making less than 30% of median family income with housing they can afford.
  • $7M for the Great Streets Program and other grants that support businesses and bring new community-serving amenities to underserved areas.
  • Investments in key economic development projects such as $75.5M for McMillan Reservoir Redevelopment, $122.6M for St. Elizabeths infrastructure development and $14.5M for Hill East
Beyond investments, several weeks ago, you may remember the Bowser Administration submitted the amended Comprehensive Plan (Comp Plan) to the DC Council. Informed by the input of tens of thousands of residents gathered via public meetings and more than 3,000 amendment proposals, the recently transmitted Comprehensive Plan includes important changes to the Future Land Use Map to allow for greater density where appropriate and text changes that will make the Planned Unit Development (PUD) process more efficient by adding clarity that will minimize legal delays. Over the long term, the Comp Plan amendments could increase housing production by 15%.
In addition, to spur new affordable housing development in the four planning areas that have the largest targets for new production in the Housing Equity Report (Rock Creek West, Capitol Hill, Rock Creek East, and Upper Northeast), Mayor Bowser has proposed a pilot property tax exemption for projects that include 33 percent of units affordable at 80 percent MFI or below, include a 40-year affordability covenant, and deliver by 2025.
Visit budget.dc.gov to view more on the budget, and to the DC Council’s website to view budget oversight hearings and to provide your feedback.
Sincerely,
The Office of the Deputy Mayor for Planning and Economic Development


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