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Affordable Homeownership Units | News Release | City of Alexandria

Own a Home in Alexandria – Introducing Cambria Square

 

The City of Alexandria Office of Housing is now marketing Affordable Homeownership Units at Pulte Homes’ Cambria Square community.  Cambria Square is a new condominium and townhome development in Alexandria’s West End.  This new community is close to shopping, transit, parks, and other neighborhood amenities.  In total, 4 three-bedroom units will be available to income-eligible first-time homebuyers at this new community which is located at 120 S. Picket Street.  The set-aside affordable housing units will be priced at $275,000.  Monthly community fees are projected to be $184.

 

The first unit is expected to be ready in September 2016 with the remaining three units becoming available December 2016 through March 2017.  In order to be considered for these purchases, applicants must be first time homebuyers (no ownership interest in the most recent three year period), live or work in the City of Alexandria, and have a gross annual income within current Department of Housing and Urban Development limits.  Additional details on eligibility requirements can be found at www.alexandriava.gov/housing

 

The City will accept applications for these units beginning June 27.  Because of anticipated high demand for these homes, it is expected that purchasers will be selected through a random lottery among all eligible homebuyers.  Please note that larger household (3 or more people) will be given priority status for these homes.  Interested buyers not selected for the first available unit will remain in the pool of eligible buyers for the three remaining units. The drawing for the first available unit will be held on July 22.  It is currently anticipated that the second lottery will be held in October 2015.

 

To be considered for the lottery, interested buyers must submit the following documents:

  • City of Alexandria Homebuyer Prescreening Form
  • Copy of required mortgage preapproval letter
  • Copy of the Virginia Housing Development Authority (VHDA) training certificate

 

Selected homebuyers should be prepared to offer an earnest money deposit of $2,000 at the time of signing the purchase agreement.  Purchasers are expected to secure mortgage financing from one of the lenders currently participating in the City’s programs.  A list of participating lenders can be found on the Office of Housing webpage.

 

Homebuyers may visit the sales office to learn more about the available homes.  Pulte Homes, the developer of Cambria Square is marketing the units from a sales office located at 2606 Main Line Boulevard, Alexandria, VA 22301

 

For more information about the basic requirements, the lottery process, and obligations of the homebuyer, contact Brandi Collins at the Office of Housing, 703.746.4990, or visit www.alexandriava.gov/housing

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