The developer firm of JBG Smith announced Wednesday that it has closed a first round of investments, raising $78 million in commitments aimed at preserving or building between 2,000 and 3,000 units of affordable workforce housing in the D.C. region, according to a Biznow report.

The JBG Smith initiative was launched one year ago and investments have come from seven banks and four developers to date. A.J. Jackson of EYA as its executive vice president of social impact investing has led the initiative.

He said in a press statement that the initial investments “allow us to hit the ground running with a scalable, replicable, market-based approach to preserving affordability, preventing displacement and strengthening inclusive communities.”