Sunday, July 22, 2007

Mayor Fenty Pledges 10,000 Units of Affordable Housing

Released this past week was Fenty's affordable housing resolution for the crisis ensuing in the market segment. His intention is to ensure that citizens of all income levels are able to afford to live in the city.

The goals of the new initiative is to create an additional 5,000 new units of affordable housing for ownership and maintain an additional 5,000 homes in areas where priced have dramatically increased over the past few years.

Additionally, Fenty is committing over $117 Million to these initiatives on an annual basis to pay for the protection and growth of affordable housing growth. With government owned land the government plans on ensuring that 30% of developed properties be utilized for affordable housing when the rest of the property will be utilized for market value sale.

As many of you may know one of the most secure market segments I foresee over the next two years is this market. I have been utilizing equations that can return 25-35% for available land with 90 accuracy. You may have read in previous posts that the fastest moving market in my experience is the $450,000 and under market.

If you or anyone you know is looking to develop in real estate and feel that returns like this are considerable enough for you to consider please contact me at the information above.

No comments: