JBG SMITH Properties and nonprofit organization Federal City Council are joining forces to preserve or construct between 2,000 and 3,000 units of affordable workforce housing in the Washington, D.C., region within the next 10 years.
The newly launched Washington Housing Initiative includes the newly created, independently managed Washington Housing Conservancy nonprofit, which will purchase, develop, own and operate workforce accommodation in so-called high-impact locations, defined as rapidly growing, currently low-priced sites that are expected to become less affordable in the next five to 10 years.
The initiative also includes the JBG SMITH-managed Impact Pool vehicle, which will provide capital for the purchase and development of low-cost workforce lodging in high-impact locations.
To help spearhead the Washington, D.C., area-focused real estate investment trust's participation in the initiative, A.J. Jackson was named executive vice president for social impact investments. The new appointee was a partner with urban infill developer EYA LLC.