New ADU at Standard Eleven Condos DC

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Real Estate Agent Licensed in DC & VA
https://activerain.com/droplet/J6d

Standard Eleven ADU unit available now

New ADU (IZ) unit at Standard Eleven Condos DC

New condos in DC

Located in the hot hot hot Mt Vernon/Convention Center neighborhood, one new construction Affordable Dwelling Unit at The Standard Eleven. The unit is a Jr. 1 BR with the same great finishes as other Std 11 units. Fab dark distressed floors, SS appliances, cool retro bathroom in B&W tile and black wainscotting, WD in unit, exposed brick and private outdoor space!

Priced at $227,500. with a condo fee of $125.31.

1109 M street #2 will be offered for sale through the Inclusionary Zoning Lottery.  Lottery Registration is currently open and you can register on the DHCD website.

Do you qualify? You might be surprised!  Acc. to developer reps, income up to low 80s allowed! See our ADU page for details and here's more info on the IZ program:

Inclusionary Units are located in new or substantially rehabilitated developments and are designated for Households that earn at or below 50% or 80% of the Area Median Income (AMI) for the Washington Metropolitan Statistical Area.

See information on maximum incomes by household size for the Inclusionary Zoning Program.

If you register for the Inclusionary Zoning Program and you are eligible, you will be considered for current and future lotteries of Inclusionary Units, but must renew your registration every two years. There are two ways to register for the Inclusionary Zoning Program lottery:

Register online  or register in person at DHCD’s Housing Resource Center, 1800 Martin Luther King Jr. Avenue SE, 1st Floor, Monday through Friday, 8:30 AM to 3:30 PM.

DHCD will conduct lotteries for Inclusionary Units on a rolling basis. Lotteries will be conducted from a random selection of eligible registered applicants. Selected households will then be ranked based on District residence, employment in the District and time on the lottery list. Eligible registered applicants need not be present when the lottery is conducted. DHCD will notify selected households.

For more information regarding the Inclusionary Zoning Program click here, or contact the Inclusionary Zoning Program at (202) 442-9505. For information on DHCD’s other affordable housing programs and services go to www.dhcd.dc.gov or call (202) 442-7200.

The District’s Affordable Housing Locator lists affordable housing, including Inclusionary Units, and is accessible at www.dchousingsearch.org.

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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Susan, I have never seen the term ADU. Is that a special loan program that is city or state sponsored?

Sep 22, 2012 10:51 PM #1
Rainmaker
245,315
The Isaacs Team llc
Washington, DC
realestateinthedistrict.com

Hi Debbie, in DC, the ADU program is controlled by the Department of Housing and Community Development (DHCD). Per the DHCD, ADU (Affordable Dwelling Unit) is "an umbrella term applied to the for-sale and for-rent homes that are locally restricted for occupancy by households whose income falls within a certain range and are generally offered at a below-market rate. ADUs do not include for-sale and for-rent homes that are federally restricted (e.g. HOME, LIHTC, CDBG) or developments funded through HPTF. ADUs are generally produced in exchange for zoning relief, tax incentives, public financing, and/or the right to purchase or lease District-owned land. Specific ADU provisions, such as the affordability period, income limits, and resale restrictions, are set out in deeds, covenants, land disposition agreements, ADU administration plans and other originating documents. These provisions have historically varied from project to project, as each is a result of a unique negotiation or project approval. However, ADU restrictions have recently become more standardized."

http://dhcd.dc.gov/service/affordable-dwelling-units

http://en.wikipedia.org/wiki/Affordable_housing

http://www.hud.gov/offices/cpd/affordablehousing/

Sep 23, 2012 12:15 AM #2
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Rainmaker
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The Isaacs Team llc

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