The Rare Affordable Unit Resale

• March 4, 2013

by Shilpi Paul

1414 Belmont Street NW

A modern two-bedroom condo just above the U Street Corridor is being sold well below-market rate. But not everyone is eligible to make an offer.

When the Solea was constructed at 1414 Belmont Street NW in the late ’00s, the developers agreed to set aside a portion of condos as affordable dwelling units, limited to those making no more than a certain income level. HUD and the DC Housing and Community Development Office negotiated with developers, offering incentives in exchange for the assurance that they would do their part to maintain affordable housing in the quickly growing area.

Living Room

This two-bedroom is one of those units. Priced perhaps $100,000 less than what a comparable unit in the neighborhood would go for, this condo has big windows, newish features and appliances, and access to a rooftop terrace. It is perhaps on the small side, at 809 square feet, but feels bright and well-maintained.

So, who is eligible? Singletons making no more than $60,088 a year, two-person households making no more than $68,672 and three-person households with a joint income no more than $77,256. Given the income restrictions, the unit doesn’t quite come across as the deal that the asking price implies, but with 20 percent down, the monthly payments would be less than that of renting a one-bedroom in the neighborhood. More photos and details below.

Kitchen

Rooftop terrace

• Address: 1414 Belmont Street NW, #213 (map)
• Price: $297,500
• Bedrooms: Two
• Bathrooms: Two
• Price Per Square Foot: $368
• Listing Agent: Adam Vogt, Redfin

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.5 percent.

• Loan Amount: $238,000
• Principal and Interest: $1,069
• HOA fees: $208
• Total Monthly Payment: $1,277

This article originally published at http://dc.urbanturf.com/articles/blog/the_rare_affordable_unit_resale/6735