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Tuesday, 09 June 2009 09:55 |
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In
February 2009, the tenants at Lincoln Westmoreland II (LWII) received a notice
from their landlord, informing them that the Section 8 contract for their
building is set to expire on Jan. 31, 2010. The landlord, Mid-City Financial Corporation, has
indicated that although it intends to extend the contract through at least
February 28, 2010, it does not intend to renew the contract upon its
expiration.
The
decision by Mid-City Financial is yet another recent example of
landlords who own
project-based Section 8 housing in the District deciding against
renewing their
Section 8 contracts. There are 7,800 project-based Section 8 units set
to expire by 2013. Of those, 5,400 units - 55 properties in total - are
owned by for-profit landlords. Many for-profit owners decline contract
renewal because of opportunities to charge higher rents and generate
more rental income on the open market. With each decision against
renewal, the number of
affordable housing units in DC is reduced substantially. This increases
the
obstacles to economic sustainability faced by ONE DC members and
low-income residents.
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Last Updated on Tuesday, 09 June 2009 11:47 |