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Affordable home ownership lottery for new Old Town development opens this week

Luxury condos at Aidan Old Town (image via Aidan Old Town)

Anyone living or working in Alexandria and making less than a six-figure salary could qualify for an affordable unit in a new Old Town development, provided they’re first-time homebuyers.

New luxury condo development Aidan Old Town is opening at 701 N. Henry Street in Old Town with a limited selection of homes set aside as affordable to first-time, income-eligible homebuyers.

The 94-unit development includes five 1-bedroom units priced at $175,000 and two 2-bedroom units priced at $225,000.

The City of Alexandria said in a release that anticipated high demand means the homebuyer will be selected via lottery.

“Due to anticipated high demand, eligible homebuyers will be selected through a lottery,” the release said. “Information about the affordable units, application requirements and lottery process, and available downpayment assistance, will be posted at Homebuyer Resources starting on March 15.”

The City’s website said the homes are available to those who live or work in Alexandria and have a gross annual income below 100% of Area Median Income (AMI). For a one-person household, that’s less than $106,500. For a two-person household, it’s $121,700.

The new development is in the heart of Old Town and features a fitness center, a cocktail bar, offices with an Old Town theme, and a dog wash station.

Virginia also offers a first-time homebuyer training, which the City of Alexandria encourages applicants to register for. According to the release:

Interested purchasers are encouraged to register for a Virginia Housing first-time homebuyer training. The scheduled English and Spanish trainings are free, however registration is required. The next available training in the city will be held on Saturday, March 16 from 9 a.m. to 3:30 p.m. at the Mount Vernon Recreation Center, 2701 Commonwealth Avenue, Alexandria, VA 22305. Additional trainings can be accessed on Virginia Housing’s website.

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