JBG Smith raises more than $75M for its affordable housing initiative

JBG Smith Properties' affordable housing initiative has raised $78 million from investors in its first closing round, the company announced Wednesday. The Washington Housing Initiative, a joint effort of JBG Smith (NYSE: JBGS) and the Federal City Council that launched almost a year ago, will use the money to acquire and operate a few thousand units of "workforce housing." What separates this initiative from other private programs is its focus on renters who earn too much to receive public assistance or meet affordable housing thresholds but not enough to afford ever-rising rents in Greater Washington, said AJ Jackson, executive vice president for social impact investing at JBG Smith. "Above $50 or $60,000, you earn too much to be eligible for housing assistance," Jackson said.