Consumers in search of affordable housing often find themselves in a “drive until you qualify” situation, moving farther from their workplace and public transportation. Urban Atlantic and the Washington Metropolitan Area Transit Authority recently announced that construction will begin soon on new transit-oriented housing at below-market rates as part of the transformation of the New Carrollton transit hub in Maryland.
The 291-unit apartment building is supported by the Amazon Housing Equity Fund, which has committed $125 million to expedite development of affordable homes near Metro stations in Maryland, D.C. and Northern Virginia. Metro’s Joint Development Program sells and leases land next to Metro stations to encourage transit-oriented development.
Known as the Margaux, the apartment building is part of a 2.3 million square-foot mixed-use development that will include offices, retail space, housing and Metro’s new Maryland office building. Units at the Margaux will provide housing for households with incomes at or below 80 percent of area median income. The affordability measure is guaranteed for 98 years. Currently, area median income is $129,000 for a family of four.
New luxury apartments available in transit-oriented development in New Carrollton, Md.
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