With increasing housing price and some buyers’ criteria, certain neighborhoods can become unaffordable for some buyers. In an effort to help homebuyers and renters abilities to afford living in neighborhoods that would typically be outside of their price range, the District has a program called the IZ ( Inclusionary Zoning). This program called on Home builders as well as those remodeling and rehabilitating older buildings to set aside a certain number of units for the programs.
Prices for those units tend to be deeply discounted compared to the actual market price.
in order to either rent or buy one the of the IZ units, one must take a course and qualify for the program. Let’s note that the process is lottery based. One big disadvantage is the fact that the unit can only be sold and rented to another person from the same programs. Hence, there is no proper realization of gains, nor ability to rent the unit to another person in the event that the owner decides to purchase another property.
Even though there are some limitations with the units, the ability to afford certain units makes this program is an appealing choice for those looking to purchase or rent and live in certain neighborhoods falling outside of their normal price range.
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