Addressing the District's longstanding problem with affordable-housing shortages, the legislation will provide for 4,300 units for very-low-income to moderate-income residents. There is also a stipulation in the bill for the preservation of 2,700 affordable-housing units. Passage of the act not only provides an increase in much-needed housing, it will also create about 740 construction jobs over the next 10 years.
"I introduced this bill last April with the goals of preserving affordable housing, developing vacant and abandoned buildings, and building more housing for people of all incomes," DC Mayor Anthony Williams says in response to the Council's action. "[It is] a comprehensive package of reforms and incentives to spur the production of housing in the District for people of all incomes. I look forward to signing the act into law."
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