In a significant stride toward providing quality affordable ownership housing, Housing Alexandria announces key milestones in its Seminary Road Affordable Homeownership Program construction and sales timeline. The program will provide a shared-equity homeownership model that will allow families earning up to 80% of the Area Median Income to purchase a home and enjoy the benefits of homeownership.
The following contains information both about the construction process and our community meeting for development neighbors, as well as information for interested buyers in this program.
Estimated Construction Timeline and Construction Meeting Information:
- Construction Start (demolition and site work): January 2024
- Townhome Construction Start: May 2024
- Condo Building Construction Start: July 2024
- Townhome Construction Completion: October 2025
- Condo Building Construction Completion: November 2025
Estimated Sales Timeline:
- Buyer Selection Begins: Early 2025
- Home Sales Start: Around October 2025
Homeownership Buyer Readiness Process:
Housing Alexandria will host its first shared equity homeownership program orientation in the Spring of 2024. Subsequent orientations will be held monthly, providing essential information about the homeownership process and Housing Alexandria’s approach. This system allows approximately 12 months for potential buyers to prepare before the selection process commences in early 2025.
Potential buyers are encouraged to stay informed, connect with Housing Alexandria, and take preparatory actions to secure a spot in this groundbreaking homeownership initiative. Housing Alexandria encourages all interested homeowners to fill out this survey that will help them assess where they are in the homeownership readiness process and join our interest list at the bottom of this page. Interested buyers can also see our first kick-off meeting recording for more information: you can click here to watch it on YouTube (Amharic | Spanish).
Estimated Sales Prices:
- 2BR Condo: $275,000 (5 total homes)
- 2BR Town: $325,000 – $350,000 (16 total homes)
- 3BR Town: $350,000 – $380,000 (15 total homes)
To be eligible for the Seminary Road Affordable Homeownership Program, individuals must:
- Live or work in the City of Alexandria
- Have a household income less than 80% of the Area Median Income (AMI). In 2023, the approximate income of a mathematical 80% AMI for a family of four was $120,000. More information about AMI can be found on our website.
- Be a first-time homeowner (no ownership of a home in the last three years)
- Occupy the home as a primary residence
Housing Alexandria Homeownership Program Readiness Survey
We need your help! Please fill out the following survey to help us understand your interest and readiness level for our homeownership program. After you fill out the survey, you'll be able to see your answers and will be provided a series of links to start exploring the next homeownership steps. We encourage you to print your answers or write them down for your future use.