9 Affordable Homeownership Units In Alexandria To Be Given By Lottery

ALEXANDRIA, VA — Several of the condominium units at Potomac Yard's new Dylan Condominium will be set aside for affordable homeownership. Eligible homeowners who apply will be entered into a lottery for selection of the nine affordable units.

Alexandria's Office of Housing opened applications for the nine units at Dylan Condominium, a new luxury residential community near the future Potomac Yard Metro station and Virginia Tech Innovation Campus at 701 and 737 Swann Avenue. Through a lottery selection process, nine of the units at Dylan Condominium will be provided to first-time homebuyers who meet income requirements. The first units are expected to be available in March 2023, and the remainder will be ready by summer 2023.

Under the affordable homeownership program, homebuyers selected through the lottery can purchase units at lower prices. The price for a one bedroom, one bathroom unit will be $175,000 plus a $406 monthly condo fee. The price for a two bedroom with one or two baths will be $225,000 plus a $510 monthly condo fee for the one bathroom unit and $630 monthly for a two bathroom unit. The three bedroom, two bathroom unit will have a $275,000 price with a $630 monthly condo fee.

Dylan's units are normally priced between the $600,000s and $1.2 million. The community has one-bedroom to three-bedroom units and amenities like concierge services, fitness center, rooftop lounges and terraces, pet washing station, controlled access underground parking and more.

Applicants for the affordable units must be first-time homebuyers who live or work in the City of Alexandria and have income up to 100 percent of the area median income. Homebuyers must provide a $2,000 deposit when signing the purchase agreement and must secure mortgage financing from a participating lender.

Applications opened Nov. 15 and will continue until 11:59 p.m. on Dec. 15. Households with three or more people will be given for the two bedroom, two bathroom and three-bedroom units.

Applicants must complete a City of Alexandria homebuyer prescreening form, copy of a mortgage preapproval letter, and copy of a Virginia Housing training certificate.

A sales gallery is open at 2316 Richmond Highway, Alexandria, VA, for interested homebuyers.