The new DC housing authority is a big deal.
The agency has been struggling for years with its finances, but it now has a $2 billion cash injection and is making a huge investment in its headquarters.
The money is going into a $15 billion mixed-use project called DC Waterfront Park.
The project, which includes a luxury hotel, office tower, and retail space, is a mixed-income development that is intended to create jobs and attract more residents to the neighborhood.
And it has the potential to do just that.
But the new agency isn’t going to have all the perks of DC’s famous parks.
And a few months into the new administration, that’s about to change.
On Tuesday, the DC Housing Board voted to end the lease on the new building, with the exception of two acres of land for the headquarters, which are set to be sold off.
The city will have to find new funding for the project.
In its original lease, DC Housing officials had promised to lease all the land, including the headquarters.
But that promise has been removed.
Instead, the city is going to buy the land for $1 per year and lease it to the housing authority for a year.
The decision comes at a critical time for the agency.
It has just completed a big renovation that includes a new building for the housing agency.
But the new buildings will be vacant and they’re only going to be used for the building itself, according to the DC Waterports Development Corporation, a nonprofit that’s helping with the new project.
The DC Housing authority will still have the land.
It’s unclear how much the new lease will cost.
The housing authority has a contract with the city for $3.5 million.
That’s still a huge amount of money for a small neighborhood like D.C. That number will likely increase if the city sells off the land in a short amount of time.
But some residents are hoping that the new development will spur more investment in the neighborhood and encourage more people to move to the area.”DC Housing is a great place to live,” said resident Karen Rennick.
“It’s a great mix of young families, older families, and a mix of professionals.
It’s a mix I’d like to see continue.”
Rennick has lived in the area for 15 years and said that, for her, the new housing development is a welcome change.
But she says it won’t change the neighborhood’s identity.
“It’s not like DC Water is some magical place where people want to go every weekend,” Rennack said.
“They want to come and visit and they want to have fun, and it’s kind of the same way in D.D. We don’t have the same amenities and amenities.”
If you would like to comment on this story or anything else you have seen on BBC Capital, head over to our Facebook page or message us on Twitter.