[Archived] City Council Changes Program Increasing Aid to Residents Affected by Condominium Conversions

City Press Release


	For Immediate Release	For More Information, Contact
	May 27, 2005 PIO# 173-05/bg	Barbara J. Gordon, Public Information Officer, or Raynard Owens, Communications Officer, at 703.838.4300 Raynard Owens, Communications Officer, at 703.838.4300

City Council Changes Program Increasing Aid to Residents
Affected by Condominium Conversions

The Alexandria City Council voted last night (May 25) to make changes in the Moderate Income Homeownership Program (MIHP) by increasing homeownership opportunities for tenants of apartments being converted into condominiums. The Council approved an increase in the maximum loan amount for residents of properties under conversion who are purchasing units in the converted property from $20,000 to $40,000 while other program participants may now receive up to $30,000 in assistance through MIHP. This vote comes after issues were raised about condominium conversions and the inability of renters to purchase the converted units.

The Council also passed an increase in the maximum income for MIHP eligibility by raising the one person limit to $71,440 from $68,000, raising the two person household limit to $80,370 from $68,700, and raising the three or more person household income limit to $89,300 from $79,500.

Allocation of up to $822,500 from the Housing Trust Fund (HTF) was approved for the MIHP to provide assistance to a projected 47 households during fiscal year 2006.

“The City of Alexandria has several homeowner assistance programs to meet the changing needs of City residents,” said Mayor William D. Euille. “These measures were passed in order to aid residents in their search for affordable housing and, most recently, has attempted to meet the needs of those living in apartments undergoing condominium conversions.” The prices of converted condominiums are generally higher than average purchase prices for participants in the MIHP program. The Council passed these measures to help provide greater opportunities for renters to become homeowners and to decrease the income needed to purchase a condominium under conversion.

For more information contact the Office of Housing at 703.838.4622.