Committee advances '2 10 on the park' affordable housing project financing

The Planning, Housing, and Economic Development Committee voted unanimously to move CR 89-20-26 out of committee after a detailed presentation by housing authority representatives and staff on the project referred to in the transcript as "2 10 on the park." The proposal is for an affordable multifamily rental development in Capitol Heights near the Metro.

Stone Mitchell, introduced by staff as the housing authority executive director, described the project: "The project will be developed on 3.37 acres and will consist of a 150 income restricted rental units within a 5 2 5 story elevator served residential towers." Presenters said the development would include retail and amenity space on the ground floor and seek transit-oriented placement less than one mile from Capitol Heights Metro.

Staff and presenters described financing sources that include an approximately $14 million HEF loan, Redevelopment Authority contributions (listed as $3,000,000 in the package, with a potential revision to $6,000,000 through a revised PILOT), a $2,000,000 bond issuance, and the use of 4% low-income housing tax credits as a major funding source. Presenters also cited projected job impacts (about 290 construction jobs and 78 permanent positions) and said housing authority revenue from issuance would generate program funds for public housing infrastructure and operations (staff projected roughly $755,000 over the life of the issuance, and approximately $50,000 annually over 15 years).

Committee members offered support; the sponsor indicated the project is within his district and moved to advance the resolution. The committee recorded a 4–0 vote to move CR 89-20-26 favorably.

Notes on transcript clarity: the project name appeared in committee materials and in testimony as "2 10 on the park"; some numeric totals in the transcript were garbled and have been reported here using the clearer figures presented in the staff materials discussed at the meeting. Where the transcript presented an unclear composite total, this article does not repeat a garbled aggregate figure.