A luxury apartment building acquired by the Washington Housing Conservancy will be converted into 212 rent-stabilized housing units for middle-income workers.
The Washington Housing Conservancy, a D.C. nonprofit, has acquired a 212-unit apartment building that will be converted to affordable housing, reports Jeff Clabagh for WTOP. “It is the fifth acquisition for Washington Housing Conservancy and the second in the District, expanding its portfolio of affordable housing units in the D.C. area to 1,600.”
According to Clabagh, “Washington Housing Conservancy made the $71.5 million acquisition of the Loree Grand at 250 K Street, NE with financial backing from Amazon and JBG Smith Properties.” The organization plans to stabilize rents for moderate income workers, who are being increasingly pushed out of the District by rising rents, Clabagh explains. “The building is in an amenity-rich neighborhood near Union Market, NoMa and the H Street corridor. A recently-opened early child care and preschool center is nearby.”
FULL STORY: Nonprofit acquires DC luxury apartments for affordable housing
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