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Deadline Approaching for Cambria Square Affordable Housing Set-aside Units | News Release | City of Alexandria

Application Deadline for Affordable Units at Cambria Square

 

The City of Alexandria’s Office of Housing has announced that the application deadline for the final two Affordable Homeownership Set-aside units at Cambria Square will be March 3rd.  Detailed information regarding the application process and required forms can be found on the Office of Housing webpage.  Interested applicants must provide 1) a mortgage preapproval letter, 2) a completed prescreening form, and 3) a certificate of completion of a Virginia Housing Development Authority (VHDA) homebuyer training class by noon on March 3rd.

The Office of Housing is also marketing two affordable homeownership units available to low and moderate income first-time homebuyers.

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Image from link below. More images available by following link. 

The first is a resale restricted homeownership unit located at 6301 Stevenson Avenue, Unit 604. This is a one bedroom, one bath unit at The Olympus Condominium.  The restricted sale price of this unit is $132,880 and the monthly condo fee is $636 (includes all heating, cooling and water costs!) One person households may earn up to $76,020 to qualify for this purchase.

Also available is a newly renovated homeownership unit offered through the Alexandria Neighborhood Stabilization Program. This two-bedroom, two bath condominium at The Exchange at Van Dorn, 4850 Eisenhower Avenue, Unit 112.  This property is listed at $285,000 with monthly condo fees of $447.  Click here for the complete listing. This unit is available to households with incomes up to 80% of the area median income, or $86,880 for a four-person household. The City’s nonprofit partner and property owner, Rebuilding Together Alexandria, is offering a matching closing cost grant of up to $4,000 to the qualified purchaser.

Purchasers may be eligible for up to $50,000 in no-interest, deferred payment financing through the Flexible Homeownership Assistance Program (FHAP) and must be first-time homebuyers, live or work in the City of Alexandria, and must have a gross annual income within applicable limits.  Current income limits and assistance amounts can be found on the Office of Housing webpage.

Looking to learn more about the homebuying process? Ongoing training opportunities are available through the Virginia Housing Development Authority (VHDA).  Classes are held throughout the region and are available at no cost to the participant. Note that completion of a VHDA homebuyer training class is a requirement for participation for all of the City’s programs for first-time homebuyers.

For more information about affordable rental and homeownership opportunities, visit the Office of Housing webpage or call 703.746.4990.

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