History
Homestead was incorporated in 1992, primarily by low-income residents of the Central District and South Seattle. Homestead completed its pilot project, the Delridge House, in 2002, and launched its ongoing Advantage Program in 2004. This buyer-driven program provided purchase assistance grants to 48 eligible homebuyers 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 will guide Homestead’s work through 2014. These strategies include increasing developer partnerships through incentive zoning and other regulatory means, prudently expanding our service area to include more of King County when opportunities coincide with capacity, as well as continuing our Advantage Program. Homestead’s growth goal is to be adding 100 homes to the land trust each year by 2015.
Timeline of Milestones
1992 Homestead is created
2002 Delridge House becomes the first Homestead home
2005 Fifth home added to the trust
Shelter Real Estate partnership home sold
2007 Homestead completes its first resale
2008 First Habitat partnership home is sold
25th home is added to the trust
2009 Nova and Valtera Townhome partnerships begin sales
50th home is added to the trust
2010 100th home added to the trust!
