Washington, DC (STL.News) Mayor Muriel Bowser announced that her supplemental budget for Fiscal Year 2021 (FY 21) will add $150 million to the Housing Production Trust Fund and her proposed budget for Fiscal Year 2022 (FY 22) will feature a record-setting $250 million investment in the Housing Production Trust Fund (HPTF) for a total one-time investment of $400 million. With this $400 million investment, Mayor Bowser has crested $1 billion into the HPTF in her time as mayor. The financial plan will also feature Local Rent Supplement Program (LRSP) funding to better target funds to deeply affordable units at or below 30% of the Median Family Income (MFI), or about $38,700 for a family of four. Together, these investments will deliver an 2,700 units of affordable housing over the next two to three years, with up to 1,100 of those units deeply affordable.
“The COVID-19 pandemic has shown how fragile our housing ecosystem is and how much our residents depend on us to add more safe and stable affordable housing,” said Mayor Bowser. “With today’s announcement, we are doubling down on six years of work to preserve and create affordable housing and expediting progress toward our 12,000 affordable housing unit goal.