Jair Lynch investment manager Phuc Tran, another speaker at this month’s forum, comes to the event with the perspective of a company maintaining a portfolio consisting of market-rate apartments as well as affordable refuges. With affordable housing issues as part of the foundation of Jair Lynch, it has to date developed or acquired over 1,000 units of affordable housing throughout DC—in neighborhoods from U Street to Petworth.
These days, Phuc says, “we are working on a new stand-alone senior affordable building as part of our McMillan Reservoir project (above) off North Capitol.” To maintain the quality of the residences, Phuc adds, “McMillan will also include additional affordable units dispersed through the two market-rate buildings we have planned for there.” Phuc said even the devoted efforts of developers like Jair Lynch and other organizations with a focus on affordable housing, are not enough to prevent it from becoming an endangered residential species next decade. He says the Urban Land Institute estimates that the city will need 20,000 to 30,000 affordable units by 2020 to meet the needs of low-income households. “So the challenge is enormous,” Phuc says. “We need more money and creative solutions if we want to protect what economic diversity remains in the city.”
Read more at: https://www.bisnow.com/washington-dc/news/affordable-housing/the-mayors-100m-a-year-for-affordable-housing-isnt-close-to-enough-57203?utm_source=Newsletter&utm_campaign=thu-10-mar-2016-000000-0600_dc-re&be=pdt%40jairlynch.com&utm_medium=email?utm_source=CopyShare&utm_medium=Browser
Read more here – “The Mayor’s $100M a Year for Affordable Housing Isn’t Close to Enough“