Rendering courtesy of Housing Alexandria
Rendering courtesy of Housing Alexandria
In what they are calling "a significant stride toward providing quality affordable ownership housing," Housing Alexandria has announced key updates for its Seminary Road construction and shared equity homeownership program timelines.
The program will allow families earning up to 80% of the Area Median Income to purchase a home and enjoy the benefits of homeownership.
Construction on the homes will start early in 2024, with demolition on the three existing homes on the site starting in January. Construction on the new townhomes will start in May 2024, with condo construction starting in July. The buildings will be completed by the end of 2025.
Housing Alexandria will host a virtual community meeting Tuesday, Jan. 9, from 7-9 p.m. to discuss the construction process. This meeting will discuss the project schedule, construction site rules and regulations, street cleaning, construction worker policies and more. Registration for this meeting is required: you can sign up for this Zoom meeting here.
Homeownership Buyer Readiness Process
Housing Alexandria will host its first shared equity homeownership program orientation in the spring of 2024. Subsequent orientations will be held monthly, providing information about the homeownership process and Housing Alexandria’s approach. This system allows approximately 12 months for potential buyers to prepare before the selection process commences in early 2025.
Potential buyers are encouraged to stay informed, connect with Housing Alexandria, and take preparatory actions to secure a spot in this groundbreaking homeownership initiative. Housing Alexandria encourages all interested homeowners to fill out this survey that will help them assess where they are in the homeownership readiness process, and join our interest list on the website.
Housing Alexandria estimates the following sales prices:
- 2BR Condo: $275,000 (5 total homes)
- 2BR Town: $325,000 - $350,000 (16 total homes)
- 3BR Town: $350,000 - $380,000 (15 total homes)
To be eligible for the Seminary Road Affordable Homeownership Program, individuals must:
- Live or work in the City of Alexandria.
- Have a household income less than 80% of the Area Median Income (AMI). In 2023, the approximate income of a mathematical 80% AMI for a family of four was $120,000. More information about AMI can be found here.
- Be a first-time homeowner (no ownership of a home in the last three years).
- Occupy the home as a primary residence.
