Accelerate Housing Development at Metro Rail Stations
The Council is accelerating high-density development to meet the County’s ten-year housing development goals. To get there, the Council enacted Bill 29-20, which opens the door to the untapped economic potential of property owned by the Washington Metro Transit Authority (WMATA) at metro stations throughout the County.
This initiative is predicted to create nearly 20 percent of the County’s housing needed by the year 2030. or approximately 8,600 new housing units. It will also create space for new businesses and job opportunities in and around the County’s metro stations. The bill does this through tax incentives for new high-rise developments built on property leased from WMATA.
The properties will be exempt from all property taxes for their first 15 years if they contribute toward affordable housing. To qualify, these new developments must include at least 50 percent rental housing and 25 percent of these units must be moderately priced dwelling units (MPDUs) reserved for individuals with incomes at 50 percent or less of the area median income. In addition, 25 percent of the workers hired to construct each project must be county residents.