History of Homestead CLT
Homestead was incorporated in 1992 by low-income residents of the Central District and South Seattle. We completed our pilot project, the Delridge House, in 2002, and launched our Advantage Program in 2004. This home-buyer driven program provided purchase assistance grants to 48 eligible home-buyers between 2005 and 2009, allowing them to purchase market rate homes for sale in Homestead’s service area and bring them into the land trust.
In 2005, Homestead broadened its acquisition strategy to include developer partnerships. Between 2005 and 2010, Homestead entered into partnerships with Shelter Real Estate LLC, Habitat for Humanity of Seattle/South King County, the Low Income Housing Institute, and Blue Heron JS, LLC. These partnerships have collectively added 53 affordable homes to Homestead’s portfolio.
During 2008 and 2009, Homestead completed a business planning process which identified a set of strategies that guided Homestead’s work through 2014. These strategies included increasing developer partnerships through incentive zoning and other regulatory means, prudently expanding our service area to include more of King County when opportunities coincided with capacity, and launching our acquisition and rehab program, Homestead Rebuilding Communities.
Our Strategic Objectives 2015 to 2019
- Create programmatic and financial resilience in a changing market/subsidy environment
- Cultivate and strengthen community and institutional partnerships
- Effectively manage long-term liabilities and portfolio preservation issues
- Optimize contributed income to maintain viability between earned income cycles and support growth
2016: Homestead grew to over 200 homes with the sale of additional Columbia 26 and Homestead Rebuilding Communities homes.
2014: Homestead added 43 homes to our owner-occupied portfolio through our Columbia 26 development, our Homestead Rebuilding Communities initiative and our partnership with Habitat for Humanity.
2013: 150th home is added to the trust!
2012: Homestead Rebuilding Communities Program Launched
Active acquisition, rehab and resale of distressed properties.
2012: Valtera Townhomes completed and sold
Homestead partnered with a for-profit developer to sell 30 townhomes at below market prices.
2011: Wolcott Homes completed and sold
Using Neighborhood Stabilization Funds, Homestead purchased a partially completed project in foreclosure and completed the development of 15 single family homes.
2010: 100th home is added to the trust!
2010: NOVA Townhomes completed and sold
15-unit new construction project partnership with the Low-Income Housing Institute.
2009: 50th home is added to the trust!
2008: 25th home is added to the trust!
2007: First Resale
Read about it here.
2006: Partnership with Habitat for Humanity Seattle-King County
We have developed 9 homes in partnership with our local Habitat affiliate; and there are currently 11 more homes in the pipeline. All of these homes are for homebuyers with incomes under 50% AMI.
2005: 5th home is added to the trust!
2004: HCLT Advantage Program launched
Homestead assembled $4.2M in grants and deferred loans to assist 53 families purchase homes ($13.1M in value) over the course of the following years, in Seattle and King County. This was a buyer-driven, scattered-site acquisition program where eligible-buyers shopped on the open market for homes they could afford with as much as $100,000 purchase assistance from Homestead and their affordable mortgage.
2002: First home is added to the trust (Delridge House)
Successful relocation, renovation and sale of a three-bedroom bungalow. $65,000 in public grants. $30,000 worth of in-kind donations of labor and material.
1992: Incorporated by low-income residents of the Central District and South Seattle.