
Homebuyer Resources

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City Announces Availability of Affordable Homeownership Units at Dylan Condominium
NEW! On Tuesday, January 3, 2023, the Office of Housing hosted a lottery to select the purchasers and runner ups for the nine condominium units. A link to the Zoom recording can be found here. A list of the selected purchasers (identified by client number), as well as runner ups, are listed below. Office of Housing staff will contact those selected to provide information on next steps.
Property Address |
|
Unit |
|
Winner |
|
Runner Up |
---|---|---|---|---|---|---|
701 Swann Av., Unit One-208 |
|
1 Bed / 1 Bath |
|
1111 |
|
1125 |
701 Swann Av., Unit One-308 |
|
1 Bed / 1 Bath |
|
1123 |
|
1131 |
701 Swann Av., Unit One-408 |
|
1 Bed / 1 Bath |
|
1107 |
|
1101 |
701 Swann Av., Unit Two-205 |
|
1 Bed / 1 Bath |
|
1113 |
|
1100 |
701 Swann Av., Unit Two-305 |
|
1 Bed / 1 Bath |
|
1110 |
|
1128 |
701 Swann Av., Unit One-104 |
|
2 Bed / 1 Bath |
|
2140 |
|
2108 |
737 Swann Av., Unit Two-109 |
|
2 Bed / 1 Bath |
|
2115 |
|
2127 |
737 Swann Av., Unit Two-210 |
|
2 Bed / 2 Bath |
|
2200 |
|
2205 |
701 Swann Av., Unit One-203 |
|
3 Bed / 2 Bath |
|
3209 |
|
3211 |
Dylan Condominium is a new residential condominium development in Potomac Yard proximate to the new Potomac Yard Metro Station and Metroway bus rapid transit, retail, parks, and other neighborhood amenities. In total, nine condominium units will be available to income-eligible, first-time homebuyers at this new community, which is located at 701 and 737 Swann Avenue, Alexandria, Virginia. The first set of units are expected to be ready for occupancy in the second quarter of 2023 and the rest in the summer of 2023. Please note that all affordable units have resale restrictive covenants.
The sale prices and the projected monthly condo fees for the set-aside units are:
- One bedroom and one bath at $175,000, with a monthly condo fee of $406
- Two bedroom and one bath at $225,000, with a monthly condo fee of $510
- Two bedroom and two baths at $225,000, with a monthly condo fee of $630
- Three bedroom and two baths at $275,000, with a monthly condo fee of $630 (Clarification: this unit was previously described as a two bedroom plus den. The unit has three bedrooms, however, the third bedroom does not have a window.)
In addition to monthly condominium fees, homebuyers must submit a $1,000 capital contribution toward the Potomac Yard Homeowners' Association at the time of settlement. For additional information on this contribution, please contact the Dylan Sales Office at 571.970.0068.
To be considered, applicants had to be first-time homebuyers (with no homeownership interest in the most recent three-year period), live or work in the City of Alexandria, Virginia, and have a gross annual household income up to 100% of the area median income. For additional information on the City's income guidelines, view the income limit table.
The City accepted applications for the units starting November 15 through December 15, 2022 at 11:59 p.m. Due to high demand, eligible purchasers were selected through a lottery held on January 3, 2023. Please note that households with three or more members were given priority for the two-bedroom/two bath and the three bedroom/two bath units.
To be considered for the lottery, interested purchasers were required to submit the following by December 15, 2022:
- City of Alexandria homebuyer prescreening form
- Copy of the mortgage preapproval letter
- Copy of the Virginia Housing (VH) training certificate
Selected purchasers should be prepared to offer an earnest money deposit of $2,000 at the time of signing the purchase agreement. They are also expected to secure mortgage financing from one of the lenders currently participating in the City's homeownership program.
For more information about the application requirements, available downpayment assistance, the lottery process, and obligations of the purchaser, please contact Vicente Espinoza at the Office of Housing at Vicente.Espinoza@alexandriava.gov/703.746.4990 or visit our Homebuyers Resources page. Se habla Español.
Affordable For-Sale Units
Neighborhood Stabilization Program
Neighborhood Stabilization Program: Through this program, the City and its nonprofit partner, Rebuilding Together Alexandria, acquire and fully renovate distressed properties and offer these homes for sale to income-eligible, first-time homebuyers. The homes are available to homebuyers who live or work in the City of Alexandria and have a gross annual income below 80% of the area median income. Buyers may be eligible for a City shared equity loan of up to $75,000 in downpayment and closing cost assistance through the City's Flexible Homeownership Assistance Program. Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through the Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) Sponsoring Partnerships & Revitalizing Communities (SPARC) program (see below). Buyers are encouraged to secure a first-trust mortgage through a City designated participating lender. For more information, please contact Vicente Espinoza at 703.746.3087.
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NEW! 6535 Edsall Rd., Unit M - This property is a three-bedroom, two-bath condominium unit at Edsall Bluff. This unit, priced at $310,910, is offered through the City’s Alexandria Neighborhood Stabilization Program (ANSP) and is available to first-time homebuyers who live or work in the City of Alexandria. Through ANSP, the City and its non-profit partner, Rebuilding Together Alexandria, acquire and fully renovate distressed properties, and offer these homes for sale to income-eligible, first-time homebuyers. Click here for a complete listing of the property.
To qualify for this home, purchasers must have a gross annual income below 80% of Area Median Income ($79,760 for a one-person household, $91,120 for a two-person household, $102,480 for a three-person household, and $113,840 for a household of four). Eligible purchasers may receive a City shared-equity loan of up to $50,000 through the City’s Flexible Homeownership Assistance Program. Click here for additional information.
This home is also eligible for reduced mortgage interest rate financing through the Virginia Housing Sponsoring Partnerships & Revitalizing Communities (SPARC) program. To qualify for SPARC and/or City financing, participants must complete a Virginia Housing-sponsored homebuyer training class, followed by a two-hour individual counseling session. Click here for more information on Virginia Housing free homebuyer resources. In addition, a buyer may qualify for up to a $4,000 seller subsidy.
For questions regarding this opportunity and qualifying criteria, please contact Ms. Sue Kovalsky at 703.286.1167 or Vicente Espinoza at the Office of Housing at 703.746.3087, or visit the Office of Housing Homebuyer Resources.
- 436 N. Armistead St., #304 - This property is a two-bedroom, one-bath condominium unit at Mayflower Square Condominiums. This unit, priced at $227,494. Click here for a complete listing of the property. -- UNDER CONTRACT!
Set-aside Homeownership Program
This program provides a limited number of affordable, resale-restricted units in some newly constructed homeownership developments. The homes are available to first-time homebuyers who live or work in the City of Alexandria and have a gross annual income below 100% of AMI. Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program. Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) Sponsoring Partnerships & Revitalizing Communities (SPARC) program (see below). Buyers are encouraged to pursue a first-trust mortgage through a City designated Participating Lender. For more information, please contact Vicente Espinoza at 703.746.3087.
- NEW! Nine affordable set-aside units are now being marketed at Dylan Condominiums. Please see the information listed above.
Resale Restricted Homeownership Program
This program helps market resale-restricted units purchased with City assistance. The units are priced at levels affordable to low- and moderate-income first-time homebuyers and have long-term affordability requirements. The homes are available to first-time homebuyers who live or work in the City of Alexandria and have a gross annual income below 100% of AMI. Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program (see below). Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through Virginia Housing Sponsoring Partnerships & Revitalizing Communities Program (SPARC). Buyers are encouraged to pursue a first-trust mortgage through a City designated Participating Lender. To qualify for SPARC and/or City of Alexandria financing, participants must complete a Virginia Housing-sponsored homebuyer training class, followed by a two-hour individual counseling session. Click here for additional information on Virginia Housing services. For more information, please contact Vicente Espinoza at 703.746.3087.
- 301 N. Beauregard Street, #214 - This property is a two-bedroom, one bath unit and is priced at $198,511 (after a 10.58% discount of market value). The condo fee of $800.00 includes all the utilities and it offers the following amenities: swimming pool, yoga room, a walking trails, gardens and much more. Click here for a complete listing of the property. Buyers may be eligible for a City shared equity loan of up to $75,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program.
Resale Restricted Workforce Affordable Units
Workforce Affordable Homeownership units are priced at levels affordable to moderate-income first-time homebuyers and have long-term affordability requirements. The homes are available to first-time homebuyers who live or work in the City of Alexandria and have a gross annual income below 120% of area median income ($119,640 for a one-person household, $136,680 for a two-person household, $153,720 for a three-person household, $170,760 for a four-person household). Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program (see below). Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through Virginia Housing Sponsoring Partnerships & Revitalizing Communities Program (SPARC). Buyers are encouraged to pursue a first-trust mortgage through a City designated Participating Lender. To qualify for SPARC and/or City of Alexandria financing, participants must complete a Virginia Housing-sponsored homebuyer training class, followed by a two-hour individual counseling session. Click here for additional information on Virginia Housing services. For more information, please contact Vicente Espinoza at 703.746.3087.
- NO PROPERTIES ARE AVAILABLE AT THIS TIME
Upcoming Homeownership Opportunities
The City of Alexandria is excited to announce that it will market nine affordable set-aside homeownership units at The Dylan beginning in 2023 and select buyers via a lottery. Additional information will be posted on this webpage and shared via the City's eNews service once the time draws near. Sign up for eNews (Housing Subscriber List) to receive updates directly in your inbox!
Closing Cost and Downpayment Assistance
Flexible Homeownership Assistance Program
This loan program provides no-interest, deferred payment downpayment and closing cost assistance to first-time homebuyers purchasing a home through the Affordable Set-Aside Homebuyer Program, Neighborhood Stabilization Program, and Resale Restricted Homeownership Program only. Two income tiers are used to determine the amount of assistance available to participants. Participants are strongly recommended to receive a mortgage by one of the City's Participating Lenders . To learn more, review the Program Description and Steps in the Homebuying Process, or contact Vicente Espinoza at 703.746.3087.
Employee Homeownership Incentive Program
The City of Alexandria offers the Employee Homeownership Incentive Program (EHIP) to employees of the City of Alexandria, Alexandria City Public Schools, Alexandria Commonwealth Attorney, Alexandria Clerk of Court, Alexandria Sheriff, 18th Circuit Court, 18th General District Court, 18th Juvenile and Domestic Relations Court, Alexandria Court Services Unit, Alexandria Law Library, Alexandria Registrar of Voters, Alexandria Public Library, and Alexandria Health Department who regularly work 20hrs per week or more. EHIP provides an interest-free, deferred payment loan of up to $15,000 for home purchases in the City of Alexandria. Eligible purchases include condominiums, townhomes, cooperative housing, and detached homes with a sales prices of $682,500 or less. There are income requirements. To apply or learn more, contact Sam Gates at 703.746.3076.
SPARC Funds for Mortgage Interest Rate Reductions
Background
The City of Alexandria Office of Housing is pleased to announce the availability of Sponsoring Partnerships & Revitalizing Communities (SPARC) funds to provide first-time homebuyers with permanent financing for their home purchase. SPARC funding supports the City of Alexandria’s efforts to increase affordable homeownership for income-qualified first-time homebuyers. This funding is made possible by the Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) and applies only to Virginia Housing mortgages. SPARC funds reduce Virginia Housing mortgage loans 1% lower than Virginia Housing's published First-Time Homebuyer mortgage interest rate. SPARC financing is an allocation; and not a grant or a loan. It does not require repayment. However, SPARC allocations are only reserved for individual homebuyers after the buyer has a ratified sales contract.
To qualify for SPARC financing with the City’s Flexible Homeownership Assistance Program, participants must complete a Virginia Housing-sponsored homebuyer training class, followed by a two-hour individual counseling session. Homebuyers do not have to participate in the City’s Flexible Homeownership Assistance Program to use SPARC funding, but they may eligible. Those interested should contact the Office of Housing. Homebuyers may also be eligible for Virginia Housing’s Down Payment Assistance Grant and should work with their lender to apply for funds. Click here for additional information on Virginia Housing services
Homebuyer Eligibility
To qualify for a City of Alexandria-sponsored SPARC allocation, the prospective homebuyer must meet the following criteria:
- Purchase a home located in the City of Alexandria corporate limits;
- Live or work in the City of Alexandria for six months prior to request for SPARC funding;
- Have an annual household income at or below 100% of Area Median Income;
- Be a first-time homebuyer, defined as someone having had no ownership interest in real property in the past three years (exceptions may be granted based on circumstances regarding a termination of prior ownership);
- Receive a first trust Virginia Housing mortgage from a City of Alexandria designated Participating Lender; and
- Purchased home must be located within the corporate limits of the City of Alexandria.
Lender Eligibility
To provide City of Alexandria-sponsored SPARC funding, the prospective lender must meet the following criteria:
- Be a Virginia Housing lending partner and provide homebuyer with a Virginia Housing first trust mortgage that meets their loan requirements;
- Obtain designation from the City of Alexandria as a Participating Lender. To become a Participating Lender, mortgage institution must agree to provide loans per City of Alexandria requirements; as well as, successfully provide financing to at least 1 first-time homebuyer participating in the City’s Flexible Homeownership Assistance Program; and
- Provide required documentation on behalf of borrower to City staff/Virginia Housing to reserve the necessary SPARC funds for individual home purchases (includes 1003, SPARC Reservation Form, Demographic Information Addendum, and verification of Alexandria residency or employment).
Process for Requesting a SPARC Allocation
Lenders and homebuyers who wish to use SPARC funding should contact Vicente Espinoza at 703.746.3087.
Homebuyer Training
Virginia Housing (formerly Virginia Housing Development Authority) offers free classes for first-time homebuyers on an ongoing basis throughout Northern Virginia. Classes are held in English and Spanish. Successful completion of Virginia Housing pre-purchase training gives first-time homebuyers access to Virginia Housing's below-market interest rates. Participants in the City’s homeownership program are required to complete a Virginia Housing pre-purchase training class. The program covers personal finance, managing credit, the role of the lender, working with a real estate agent, home inspections, and closing day.
UPCOMING TRAININGS:
NEW! December 10, 2022 [Spanish]— 09:00 a.m. - 3:30 p.m. Charles Houston Recreation Center; 901 Wythe St, Alexandria, VA 22314. The English and Spanish trainings are free, but registration is required.
Condominium Survey
The 2019 Condominium Survey provides publicly available information on condominium communities in the city. Click here to learn more.