Wednesday, July 10, 2013
DC Department of Housing and Community Development, URBAN PACE and CAS RIEGLER announces the sale of the FIRST INCLUSIONARY ZONING HOME IN DC
The District’s Inclusionary Zoning program offers opportunities for low and moderate income residents to rent or purchase an affordable housing unit in the city.
Washington, DC – DC Department of Housing and Community Development (DHCD) and Urban Pace are elated to announce the closing of the first affordable housing unit through the District’s Inclusionary Zoning (IZ) Affordable Housing Program. Developed by CAS Riegler, designed by PGN Architects, and contracted by Snead Construction, The Standard Eleven condominium at 1109 M Street NW is the first IZ home sold in the District since the program’s inception.
“This closing is a huge step for the District’s implementation of the Inclusionary Zoning Program. This sends a clear message that the District of Columbia government is committed to ensuring that the growth and development of the nation’s capital includes housing opportunities for residents of all income levels, who are seeking to become homeowners and/or renters,” said Marcus A. Williams, the DHCD’s Public Information Officer/Communications Director.
Though the program is still green—only six IZ units are available in the District for sale—The Standard Eleven’s closing bestows promise for future IZ projects. DHCD reports that there are currently 14 rented IZ units in the District and over 1000 new rental and sale units slated for development in the upcoming years.
The District first developed a framework for Inclusionary Zoning Program in 2006 with the goal of developing more diverse, mixed-income communities throughout the city. The IZ program was developed with several distinct goals, aiming to produce affordable housing for a diverse labor force, seek equitable growth of new residents and increase homeownership opportunities for low and moderate income levels. The District’s IZ program requires new residential development projects of ten or more units, and rehabilitation projects that are expanding an existing building by 50 percent or more and adding ten or more units, to set-aside a percentage of the residential floor area for affordable units. Projects that are required to build these “Inclusionary Units” can receive up to a 20% increase in Floor Area Ratio (FAR).
“We’re pleased to have a role in potentially jumpstarting the IZ program throughout the District. The Urban Pace sales team, CAS Riegler and Ryan Dailey with Prosperity Mortgage worked hand in hand with the DHCD to accomplish this great milestone. We understand the gratification that homeownership brings and this opportunity should be attainable for all income levels, not just a select few,” said Lynn Hackney, president of Urban Pace.
About Urban Pace:
Urban Pace, LLC is a privately owned company that has been in the business of selling and marketing urban real estate for more than 12 years. The Urban Pace portfolio of properties exceeds 3.0MM square feet of urban condominiums and townhomes in the urban Washington, DC market area. For more information, please visit www.urbanpace.com or call (202) 296-1203. Follow Urban Pace on Facebook, Twitter, and YouTube.
The mission of the Department of Housing and Community Development (DHCD) is to create and preserve opportunities for affordable housing and economic development and to revitalize underserved communities in the District of Columbia.
Follow DHCD on our Social Media/Networking Platforms: