So I saw Chapman Stables was in there and there are supposed to be 11 affordable unit of the 100 plus units. Six units are at 31%-50% AMI and 5 units at 61%-80% AMI.
But then I wondered. Wait. Condos have condo fees. These fees can start off reasonable and then if something happens creep or jump up. Then I wondered what do these affordable units look like? Are they segregated from the other units, like some apartment buildings?
So I went a looking at the DC property sales database to look at what sold below the $300K advertized basement price. This is public information, but I’m not going to use names or unit numbers. I found 5 units, they are not all on the same level, and they are not all studios. The first was sold on October 9th for $237,400 is a corner two bedroom unit. I noticed several of these affordable units share a wall with some common space things, like stairwells. Three units were sold for $114,600 in 2018. Two of those are one bedrooms and one is a studio. The one bedrooms share a wall with a common space thing and the studio is well, a studio. And lastly a one bedroom unit sold for $214,300.00 on October 16, 2018, and it only shares walls with other units.
The monthly condo fee for a one bedroom is $362. The fee for a typical studio is less than $300, and for a two bedroom in the $600 range. Remember kids, the condo fee is in addition to the mortgage and real estate taxes. I don’t know if the buyers of the affordable units get to pay a reduced fee or must pay the same rate as the market rate buyers, because everyone must contribute to the maintenance, trash, and all that other good stuff.
Also, let’s look at the categories of 31% to 50% AMI and 61% to 80% AMI. This is more about the buyer of the unit than the unit. Six units are for 31-50% AMI. According to the Department of Housing and Community Development’s chart that’s an income ceiling of $41,000 for a single person and $46,900 for a household of two. On the off chance the two bedroom was available for this category, a household of four’s limit is $58,600. There is nothing for the 51-60% AMI group. Five units were set aside for the 61-80% AMI group and the ceilings are $65,650, $75,000, $84,400 and $93,750 for households of one, two, three and four persons.
There is another condo in Truxton that is not yet completed, which has just 2 affordable units for 61-80% AMI, and that is Compass’ Five Points Flats. I have no clue as to what the condo fees for this thing will be.
It is easy for me to imagine single teachers, non-profit workers, civil servants, or savvy retirees, being able to fit into these income categories AND keep up with the HOA/condo fees. What I cannot see is how people who are in those AMI groups find out the availability and price of these units. As I see with Chapman Stables, they did manage to find those units.