City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 20, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
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Consideration of Submission of a Grant Application to the Virginia Housing Development Authority’s (VHDA) REACH Program.
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ISSUE: Consideration of submission of a grant application to the Virginia Housing Development Authority’s (VHDA) REACH Program.
RECOMMENDATION: That City Council approve the submission of a joint application with Arlington County for a $10,000 REACH grant to conduct condominium association board education and outreach to condominium residents. REACH grant applications are accepted by VHDA on a rolling basis with no formal submission deadline.
BACKGROUND: Condominiums represent the most affordable type of ownership housing in the Northern Virginia, especially within the City of Alexandria and Arlington County. In Alexandria, condominiums represent 47% of the City’s total stock of ownership housing. While condominium communities experienced significant price increases in the 2000s, they have also experienced the most significant declines in value since 2007 and some homeowners remain underwater. In concert with declining property values, many condominium communities have experienced rapidly increasing monthly fees and special assessments, thereby jeopardizing the affordability of this housing option for low and moderate income homebuyers. Jurisdictions across the country have expressed concern with these issues and have struggled to identify a method of controlling the rise of condominium fees. This issue has been raised repeatedly in discussions and City planning processes related to affordable housing.
DISCUSSION: Staff from the City and Arlington County has discussed the need to stabilize condominium fees and to improve both governance practices and consum...
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