I Got Some Info on the “Residences at Georgia Avenue”

DSCN5569, originally uploaded by Prince of Petworth.

Tony from the Neighborhood Development Company sent the following info:

“The Residences at Georgia Avenue (4100 Georgia Avenue, NW) is a seven-story building which consists of 6 stories of affordable apartments, ground floor retail, and 54 at grade and below grade parking spaces. The 7-story building contains 72 apartment units with large windows and open floor plans and uses a state of the art ‘spacesaver’ parking elevator from Germany that allows residents to consolidate two parking spaces one over another.

The residential development is comprised of 36 two-bedroom units and 36 one-bedroom apartments averaging approximately 830 and 650 square feet respectively. Recreational green space is provided on the roof. The apartment portion of the development and the retailer will have their own separate entrances off Georgia Avenue. The property’s ground floor has been purchased by Yes! Organic Market who is currently designing a 10,000 square foot grocery store at this location. The project is now leasing apartments.

Due to the property falling in the affordable housing bracket there are income minimums and maximums. For the one bedroom the rent is $1009.00 per month with a minimum income of $34,600 and a maximum income of $41,340. For the two bedrooms the rent is $1202.00 per month with a minimum income of $41,200 and a maximum income of $47,220 for 2 persons, $53,160 for three persons, and $59,040 for four persons.”

I’ve always been curious about what the affordable housing rates were. Does it seem it reasonable?