cooldcre: Washington DC Affordable Dwelling Units (ADUs)

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Washington DC Affordable Dwelling Units (ADUs)

Washington D.C. ADUs

Washington DC ADUs www.susanisaacsre.com

I get occasional questions about ADUs and, more often, they are included in buyer search lists. They attract buyers because the list prices are so low. Here's some information on ADUs in Washington DC for buyers wanting to know what they are and who qualifies:

Affordable Dwelling Units in the District of Columbia

In 2009, DC's mayor authorized the Department of Housing and Community Development (DHCD) to monitor and enforce compliance with requirements to provide or maintain Affordable Dwelling Units (ADUs) in the District of Columbia.

"Affordable Dwelling Unit" is an umbrella term applied to the for-sale and for-rent homes that are locally restricted for occupancy by households whose income falls within a certain range and are generally offered at a below-market rate. ADUs do not include for-sale and for-rent homes that are federally restricted (e.g. HOME, LIHTC, CDBG) or developments funded through HPTF.

ADUs are generally produced in exchange for zoning relief, tax incentives, public financing, and/or the right to purchase or lease District-owned land. Specific ADU provisions, such as the affordability period, income limits, and resale restrictions, are set out in deeds, covenants, land disposition agreements, ADU administration plans and other originating documents. These provisions have historically varied from project to project, as each is a result of a unique negotiation or project approval. However, ADU restrictions have recently become more standardized.

READ THE FULL STORY ON WASHINGTON DC ADUs

Copyright Susan Isaacs 2012

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Comment balloon 3 commentsThe Isaacs Team llc • April 27 2012 07:38AM

Comments

I use to live in DC area years ago.  Bet prices have really gone up since then.

Posted by Edward & Celia Maddox, EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD (The Celtic Connection Realty) over 6 years ago

They have! DC led the nation in market health during the downturn and prices have been ticking up steadily  the past few years. We now have a condo shortage that leads to multiple offers/bidding wars. Our overall inventory is way down. Seller's market in many locations!  How are things where you are?

Posted by The Isaacs Team llc, realestateinthedistrict.com (RLAH 11 Dupont Circle, Washington DC) over 6 years ago

ADU's are incredible for those that qualify for them.. Right now the waiting lists are growing and growing as the word gets out. Great post! 

Posted by Diane Marletto, FHA, VA, USDA, Conventional & 1st Time Buyer Loans (1st Mariner Bank) about 5 years ago

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