WASHINGTON, DC—Tuesday morning a 90-unit seniors-only apartment building will be opening its doors to a crowd of local developers and officials, including DC Mayor Vincent Gray.
The $28 million apartment building, called Hodge on 7th, was developed by Roadside Development and Dantes Partners as part of CityMarket at O Street in Shaw. Named after named after the late Michael Hodge, a city employee who expanded the program that helped finance construction projects for nonprofits in the District, the building offers both market rate and affordable units.
Eligibility for the affordable units is based on income levels of either 50% or 60% of median income. At the 50% level, single applicants must not make more than $37,450, and two persons cannot have a household income that is more than $42,800. Residents that qualify at 60% of media income cannot exceed $44,940 for a single person household or $51,360 for a couple.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
