WASHINGTON, DC—Tuesday morning a 90-unit seniors-only apartmentbuilding will be opening its doors to a crowd of local developersand officials, including DC Mayor Vincent Gray.
The $28 million apartment building, called Hodge on7th, was developed by RoadsideDevelopment and Dantes Partners as partof CityMarket at O Street in Shaw. Named after named after the lateMichael Hodge, a city employee who expanded the program that helpedfinance construction projects for nonprofits in the District, thebuilding offers both market rate and affordable units.
Eligibility for the affordable units is based on income levelsof either 50% or 60% of median income. At the 50% level, singleapplicants must not make more than $37,450, and two persons cannothave a household income that is more than $42,800. Residents thatqualify at 60% of media income cannot exceed $44,940 for a singleperson 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.
