The posting below is cross-posted at Under One Roof and is part of a series on Crystal City.
Implementation of the Crystal City Plan could mean a significant increase in new affordable homes called committed affordable units (CAFs) in an area that now has only a small supply. Currently there are 104 CAFs within the Plan area and an additional 320 in the greater Crystal City and Pentagon City area representing less than 5% of the areas’ multifamily rental stock. By 2050 the Crystal City plan could create anywhere from 550-1200 new affordable homes. These future homes represent only a portion of the forecasted growth for the area.
A combination of tools will be used to achieve these goals:
1. Application of the affordable housing ordinance which would get the County both units in the Plan area and affordable housing funds that would be prioritized in the Plan area.
2. Additional negotiated contributions from developers in exchange for them being allowed to build more units.
3. Other financial resources like the County’s Affordable Housing Investment Fund (AHIF) and the Federal Low Income Housing Tax Credit (LIHTC).
Increasing the quantity availability and affordability of housing in Crystal City are key elements of the community’s future. Also recent forecasts show the demand for housing increasing by 95% in the Crytal City Planning area by 2030 putting pressure on an already tight housing market.