Is there any way out of the IZ Program (inclusionary zoning)
Wondering if there’s anyone out there struggling to get out as well. Bought the property a couple of years ago and it’s been a nightmare. I am not living there and can’t rent it out. It’s on the market, however there are two problems 1. High interest rates make it unaffordable to the type of buyer they require (low income) 2. HPAP funds ran out (low income buyers often rely on this for down payment).
I’ve reached out to the DC government, and although they understand the predicament, they don’t seem to have any regulations in place for this type of situation. I'm struggling to understand how the financial burden can fully fall on IZ “owners” for a place they have virtually zero control over. It seems like this program allows DC to have a pool of affordable housing with the financial burden falling fully on IZ “owners.” I can’t believe this is even legal. I have a full loan under my name and the DC government is not going to help if I default. Has anyone found any avenue out of this program?
I understand I made a huge mistake getting into it in the first place.