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JBG Smith raises more than $78M for DC area affordable housing
JBG Smith raises more than $78M for DC area affordable housing
Listen to this articleJBG Smith, a Chevy Chase-based developer and investor mixed-use properties in and around Washington has raised more $78 million to support the creation and preservation of affordable workforce housing, the company announced.
JBG Smith manages the Washington Housing Initiative’s Impact Pool, a social impact investment vehicle to support the housing. Developers and banking institutions made the commitments to the pool, including about $7.6 million from JBG Smith.
JBG Smith and the Federal City Council launched the initiative in June 2018 to use private capital to help address the scarcity of housing for middle-income families. The program expects to preserve or build between 2,000 and 3,000 units of affordable workforce housing in the Washington metro region.
