Last week, we reached a huge milestone in our TOPA process. (For more on TOPA, see this earlier post.) The Tenant Association submitted our official purchase offer to the building's current owner. This took a lot of work to complete -- big thank you to our TA president Alex, our legal team, our financial team, and our lenders who helped us greatly with our earnest money deposit!
By submitting our own purchase-sale agreement and the earnest money deposit, we are extending our TOPA clock by 120 days. So what are we planning to do during this next time period?
We are applying for a HUD loan to cover most of the cost of purchasing the building, and in order to do that, we need to have a building inspection done. HUD has very specific parameters for inspections and we are getting that finalized.
How can you help?
We are paying for the inspection out of pocket, and it will be several thousand dollars. We appreciate any financial contributions, great and small, through whatever way is easiest for you. Check out our Support Us page for ways to give. Thank you!
As always, thank you for your interest and support in helping us preserve affordable housing in Adams Morgan!
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