D.C. Charities Lose Out in Housing Boom
June 12, 2006
As the real-estate market continues to flourish in Washington and surrounding areas, charities have been struggling to secure land donations for housing projects and other nonprofit activities, reports The Washington Post.
Housing prices in the region have skyrocketed in the last five years, driving for-profit developers to invest in previously overlooked neighborhoods—where charities have been working—that have suddenly become hot property.
Among the challenges this presents to nonprofit groups is that affordable-housing units are being rapidly transformed into lucrative apartment complexes, and also that contractors are less willing to offer their services on a volunteer basis.
