Affordable Dwelling Unit with income restrictions (IZ program). HOA dues $331/mo.
Updated affordable dwelling unit condo in Eckington with in-unit washer/dryer, stainless appliances, open floor plan, upgraded counters and wood floors. Building amenities include bike room, roof deck and elevator. Income restrictions apply and an affordability covenant applies via Douglass CLT.
Income restrictions apply via the IZ program and Douglass CLT affordability covenant.
Max household income:
1 person $68,880
2 people $78,720
Contact the listing agent with questions about the IZ lottery.
Review the IZ income restrictions and confirm you qualify.
Contact the listing agent through Redfin to request an application packet and viewing.
Submit required documents and apply through the DC DHCD Inclusionary Zoning (IZ) lottery process.
Follow up with the listing agent and Douglass CLT for covenant questions.
A home that will always be able to be affordable to families at or below 80% of the median family income because it is part of the Douglass Community Land Trust!
The previous owners paid it forward by selling their home at a much-reduced price and leaving several hundred thousand dollars in equity to stay with the home forever. This equity left in the home will be safeguarded by Douglass CLT, which has added even more subsidy to it so that a family at or below 80% MFI will always be able to afford it.
Subsidy initially invested in CLT properties is retained over time, serving generations of homeowners and occupants without requiring increasing subsidies at each successive sale to keep them affordable.
Douglass CLT will keep ownership of the land and sell only the building to the new buyer, issuing a 99-year land lease to the homeowner. That lease contains a resale agreement that says that if/ when they sell their home, the owner will sell at a price affordable to a family at or below 80% MFI.
Yes! First and most importantly, the home purchase should work so that you aren’t paying more too much for housing every month and you are able to save as you see fit.
Second, a Douglass CLT household’s wealth building is no different than other homeowners in that you can build equity by 1)paying down your mortgage loan; 2)getting a tax deduction for the mortgage interest; and 3)benefiting from market appreciation. The difference is that Douglass CLT Pay It Forward homeowners share with the next owner a portion of the increase in home value due to market appreciation. Additionally, owners can get credit for pre-approved physical improvements when they sell. Investment in real estate is never without risk, as no one can predict what will happen in the market, but Douglass CLT also includes safeguards against the worst outcomes if your family hits a rough patch.
Our Resale Formula allows for growth in equity without allowing home price to balloon, making the home affordable for the next purchaser – Paying It Forward!
Year built: 1929.
Price/sq. ft.: $481.
HOA dues: $331/mo.
MLS#: DCDC2255748.
Parking: On Street.
Appliances include dishwasher, disposal, microwave, electric range/oven, refrigerator, stacked washer/dryer.
Building amenities: bike room, roof deck, elevator.
Contact:
Listed by Redfin Corp (Rebecca Love).
Broker phone: 202-759-7581.
General contact: 202-499-7584.
