Lottery To Decide Homebuyers Of $175K, $225K Units In Old Town Alexandria

ALEXANDRIA, VA — Eligible first-time homebuyers will have a chance to buy $175,000 and $225,000 homes in Old Town Alexandria.

The City of Alexandria said it will hold a lottery to choose homebuyers for seven of the 94 units at Aidan Old Town, a new condominium community at 701 North Henry Street, Alexandria, VA. The community is expected to open in August 2024.

The affordable homeownership program will involve a lottery for seven units — five one-bedroom units priced at $175,000 and two, two-bedroom units priced at $225,000. One of the two-bedroom units is a handicap accessible unit. The city says it chose a lottery process due to high demand for the units.

The city's affordable homeownership program sets aside a limited number of units in newly-constructed developments. First-time homebuyers living or working in the City of Alexandria with gross annual income below 100 percent of the area median income are typically eligible. Homebuyers may be eligible for a city-shared equity loan up to $50,000 for down payment and closing costs as well as a 1 percent mortgage interest rate reduction through Virginia Housing. Buyers in the program are encouraged to use a city designated lender for the home purchase.

More information about the affordable units, application requirements and the lottery process will be shared on March 15 on the city's Homebuyer Resources web page. Applications will not be accepted before March 15.

First-time buyers can register for a Virginia Housing first-time homebuyer training in English and Spanish to help with the buying process. The next training in Alexandria will be held on Saturday, March 16 from 9 a.m. to 3:30 p.m. at the Mount Vernon Recreation Center, 2701 Commonwealth Avenue, Alexandria, VA 22305.