Washington, D.C. has recently introduced a new program called the Housing in Downtown initiative, which offers a 20-year tax abatement for converting office spaces into residential units in the downtown area. The submission window opens on March 22 and the program is expected to begin with a total funding cap of $41 million from FY24 to FY28.
According to Mayor Bowser, having a balanced mix of residents and workers has proven successful in other areas of the city and can contribute to creating vibrant neighborhoods. With projects like The Elle already making DC stand out as a national leader in office-to-residential conversions, this new program will bring more partners on board to help reach goals and continue transforming Downtown.
The Elle apartments are an example of this transformation as they broke ground at 20th and L Streets NW (the former site of Peace Corps headquarters) in 2022. Spanning across 185,000 square feet, these apartments will offer 163 residential units within Downtown DC’s bustling community.
This article was originally published by Connect CRE.
