Condo conversions are taking place all over DC, however these are geared toward low-to-moderate income households. These are modern condos with open floor plan and beautifully layed out units ready for new owners. A non-profit organization, with the support of the local governement, has created an opportunity to assist low - moderate income household with downpayment assistance. Their goal is to make housing permanently affordable by avoiding rising home prices through shared appreciation.
Benefits of the program:
- Lowers monthly mortgage payments
- Reduces out-of-pocket expenses
- Eliminate private mortgage insurance fees
- Possibility of owning a home for similar cost of renting
- Predictable housing costs
- Each monthly payment builds long-term wealth
- Enjoy tax-deductible interest payments and other homebuyers tax credit
Sharing Appreciation to Support the Community:
If you buy their home and then choose to sell, you will receive 100% of pricipal payments and down payment, the value of any improvements to the home and 25% of market appreciation.
Income requirement: Maximum income approx. $124,200 for family of 4. This is adjustable based on household size.
To find out more about this affordable housing program please contact Jasmine Jackson at 301-437-0092.