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Two Affordable Housing Units Up For Lottery on Friday

by Chris Teale — April 3, 2017 at 4:30 pm 0

A local nonprofit is looking for qualified buyers for two affordable housing units, and will hold a lottery this Friday to find new owners.

The two homes are in the new Carver Place community, at 1316 S. Rolfe Street in the Arlington View neighborhood. The affordable condo units were built as part of an agreement between developer Craftmark and Arlington County.

Arlington Home Ownership Made Easier, Inc., is sponsoring the lottery. AHOME helps first-time buyers with education and counseling in Arlington and the surrounding communities.

The lottery is only open to a family of four or five that earns no more than 60 percent of area median income. For four people, that would be a total household income of $65,520; it’s $70,800 for five people.

The homes both have a purchase price of $282,800, and each have three bedrooms and 2.5 bathrooms.

Eligible applicants must also have a minimum credit score of 660; have a minimum cash down payment of $9,900, which is 3.5 percent of the homes’ purchase price; afford the monthly Homeowner Association fee of $272; fill out the homebuyer assessment form; and complete a Virginia Housing Development Authority homebuyer education class.

AHOME executive director Karen Serfis noted in an email that this is the first time in more than five years that the organization has had three-bedroom condos available for purchase.

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