Townhomes on Capitol Hill
The Townhomes on Capitol Hill, which replaced the Ellen Wilson housing project, is a mixed-income community incorporating affordable housing, located in Washington, DC. The Townhomes on Capitol Hill offers a type of affordable home-ownership through a limited equity cooperative. The Townhomes on Capitol Hill is known as a Limited Equity Cooperative, which is mixed-income. This community is collectively owned and controlled by its members and professionally managed by Corcoran Jennison Management LLC.
This Cooperative has been designed specifically for first-time homebuyers to experience an affordable type of homeownership through the cooperative; therefore you cannot have owned or purchased any real estate within the 12 months prior to obtaining membership.
Each member buys a share of stock in the cooperative by paying an up-front share price. The current share prices are ranging from approximately $4,500 for Income Band One up to $18,500 for the upper income bands. Once membership is approved, each member is granted the right to lease a unit from the Co-op with a 12 month Proprietary Lease; renewable annually.
Cooperative members pay the unit utilities as well as a monthly carrying charge, determined by the number of persons in the household (including minors) and the gross annual household income. The current monthly housing payments are ranging from $100.00-$2,670.00. R&C attorneys, led by Julie McGovern assisted with legal services associated with this development, which were very complex given the financing structure.