The workforce housing program is designed to allow working class households the ability to purchase a home in a neighborhood that they otherwise may not would have been able to afford. This program is an integral part of a mixed income community such as Capitol Quarter, which aims to provide housing options to people of varied economic means.
Capitol Quarter is an exciting new mixed-income community located just steps from the Navy Yard Metro, the new Washington Nationals Baseball Stadium, 8th Street (Barracks Row) shopping and retail and Capitol Hill. When complete, Capitol Quarter will be home to 323 homes that include a vibrant mix of market rate rowhouses, workforce homes, and affordable rental homes. Located in the blocks bound by Virginia Avenue to the north, 3rd Street to the west, 5th Street to the east, and M Street to the south, Capitol Quarter is part of a HOPE IV redevelopment of the former Capper/Carrollsburg projects.
The lottery for the first 20 workforce homes will be held on Saturday, November 18th, at 9:00 am. These 20 homes will be located in the blocks south of K Street and between 4th and 5th Streets. The lottery will be held on site at the Capitol Quarter sales office, located at 1023 4th Street, SE. If you are selected at the lottery, you will then be given an appointment time based on your order drawn in the lottery. Appointments will begin immediately following the drawing, so you must 1) be present at the drawing, or 2) if you are unable to attend the drawing, you must have someone present with a power of attorney who can make a selection for you.
You must also have your initial earnest money deposit (2 1/2% of the base price of the home) available, as if you are selected you will need to provide that check at your reservation appointment. If you miss your appointment time, you will lose your priority.
And as a reminder, to participate in the lottery, you must be certified by George Mason Mortgage as eligible prior to November 18th. George Mason Mortgage will be on site on November 16th and November 17th, or you may send them the required information prior to these dates. The required information to be eligible to participate in the lottery is:
1) Last 2 paychecks for all household members verifying current income
2) Copy of 2005 tax return to verify household size
3) Should household size be different from that indicated on last years tax return due to divorce, separation, or child birth, legal documentation of change in household status is required
4) Proof of funds available for deposit
5) Loan pre-approval from Lender
The length of a loan pre-approval can vary greatly depending on your financial circumstances, so if you have not yet begun this process, you should start it now. And as a reminder, for full details about the workforce housing program, please visit www.eyacapitolquarter.com.
For more information contact Philip Salin, Capitol Quarter Sales Manager, at email@example.com or 202-484-0360, or stop by our sales office at 1023 4th Street, SE.