Friday, December 22, 2006
COUNCIL
Inclusionary Zoning Program Is Approved
The D.C. Council has approved an inclusionary zoning program to create affordable rental units and homes for low- and moderate-income residents.
The legislation requires that property created under the program stay affordable after it changes owners. Some critics said the program could prohibit buyers from getting returns on their investment.
In a compromise, the council agreed to allow sellers to adjust selling prices based on the consumer price index or 25 percent equity in the property, whichever is lower.
"It gives the low-income buyer some equity and some access to the American dream," said the Rev. Jim Dickerson, founder of Manna, a faith-based group that builds affordable housing. "It doesn't keep them in an economic ghetto."
-- Nikita Stewart
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