Diditan Group
Diditan Group
Jan 29, 2020
Buying A Home Got Easier with Affordable Dwelling Unit program Buying a home got easier for new home buyers with moderate income, thanks to Affordable Dwelling unit (ADU) program. So let's look into more detail as to what exactly is this program. Affordable Dwelling Unit Rental Program provides qualified low and moderate income households the opportunity to live at a reduced rent in some of the new privately-owned and privately managed market-rate apartment communities located in Fairfax County. Two-thirds (2/3) of the ADU rental units in each development are reserved for households with incomes up to 70% of the Metropolitan Statistical Area (MSA) median income, and one-third (1/3) of the units are set aside for households with incomes up to 50% of the MSA median income, adjusted for family size. Affordable Dwelling unit provides an opportunity to those people who have lesser income and also to those homeowners who want to expand and rent. ADUs are generally produced in exchange for zoning relief, tax incentives, public financing, and/or the right to purchase or lease District-owned land. Specific ADU provisions, such as the affordability period, income limits, and resale restrictions, are set out in deeds, covenants, land disposition agreements. ADU administration plans and other originating documents. While historically, these provisions varied from project to project due to unique negotiations or project approvals, ADU restrictions are now becoming more standardized.
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