JBG SMITH, a prominent real estate development company, has announced a significant increase in its commitment to preserving affordable workforce housing in Alexandria, Virginia. The company has raised its pledged units from 500 to 1000 as part of the Potomac Yard arena and entertainment district proposal.
This decision comes after productive discussions with Alexandria officials and legislators. JBG SMITH intends to collaborate closely with the city to identify and protect 1,000 workforce housing units, with a specific focus on neighborhoods near the proposed arena. This initiative aligns with Alexandria’s ambitious target of creating 2,250 affordable workforce housing units by the year 2030.
The company’s Impact Pool, which was established in 2018, plays a crucial role in preventing displacement by securing affordable housing options for workers who earn too much for housing assistance but still struggle to afford rising rents.
Matt Kelly, the CEO of JBG SMITH, emphasized the importance of affordable and accessible housing in creating holistic solutions for employment, transportation, and economic inclusion. He stated, “Housing that is affordable and accessible is not just a piece of the puzzle, it’s integral to a holistic approach that drives equitable solutions to employment, transportation, and economic inclusion.”
