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Ivy City Demonstration Project
Through the Home Again Program, DHCD will dispose of thirty-eight (38) vacant properties that have been acquired by Home Again since 2004. The program’s involvement in Ivy City represents its most extensive and comprehensive undertaking to date. The development rights to the District-owned properties have been conditionally awarded to four developers: Mission First, DC Habitat for Humanity, Mi Casa Development Inc., and Manna, Inc.
The redevelopment plan, design guidelines and affordability requirements for this project were developed as the result of a community charrette and planning process. As proposed, the project incorporates several best practices concepts, and includes special provisions for storm water management and environmental friendly/green design principals.
The first phase of construction is scheduled to begin in April of 2008. Home Again expects that sixty (60) homeownership units will be developed, which will represent a $25,000,000 investment in the community. Of the sixty (60) units to be developed, thirty-seven (37), or 62%, will be affordable to persons at or below 60% of AMI. The remaining units will be sold to persons with incomes between 80% -120% of AMI. HAP projects that the sales prices of the units will range from $98,000 for the lower income units to $400,000 for the market rate units that are to be developed. In addition to this land subsidy, DCHD will provide $2,500,000-$4,000,000 in gap financing for the project. |
