You are here: Home Our Impact HOMESTEAD COMMUNITY LAND TRUST PURCHASES DISTRESSED TOWNHOME PROJECT IN COLUMBIA CITY TO CREATE AFFORDABLE HOMEOWNERSHIP
Personal tools
You are here: Home Our Impact HOMESTEAD COMMUNITY LAND TRUST PURCHASES DISTRESSED TOWNHOME PROJECT IN COLUMBIA CITY TO CREATE AFFORDABLE HOMEOWNERSHIP

HOMESTEAD COMMUNITY LAND TRUST PURCHASES DISTRESSED TOWNHOME PROJECT IN COLUMBIA CITY TO CREATE AFFORDABLE HOMEOWNERSHIP

 

July 19, 2013

Seattle, WA – Today, after several months of negotiations, Homestead Community Land Trust, a Seattle-based affordable homeownership provider, closed a $3.95 million purchase that will preserve the affordability of 26 townhomes in the heart of the Columbia City neighborhood for modest-income buyers. What has been a derelict, three-quarter acre lot with 6 partially constructed townhome buildings for over two years, will soon be 26, high-quality, affordable, owner-occupied homes. “These are perfectly located - walking distance to both light-rail and the heart of the historic Columbia City business district – and will be affordable to people who live and work here but with the recent increase in prices are otherwise likely to be priced out of the neighborhood,” says Lindsey Sargent, Homestead’s Homeownership Program Director.

Over the last year, home prices in King County have increased by 10% making it very difficult for modest-income households to afford to purchase homes near where they work or reasonable transportation options. “It’s hard to say whether this is the start of another housing bubble. We do know that homes are not getting any more affordable to low- and mid-wage workers in Seattle. This is a great opportunity for 26 households to own a home near transit and amenities for an affordable price,” says Homestead’s Executive Director, Sheldon Cooper. “Like all Homestead homes, these will be affordable for the long-term, creating lasting opportunity in a neighborhood that is only becoming more attractive and expensive.”

These modern, 2- and 3-bedroom homes will be sold for less than $200K to income-eligible households. Using subsidy from the City of Seattle’s Housing Levy, Wells Fargo the Rainier Valley Community Development Fund and others, these homes will be made affordable and stay affordable to households who earn less than 80% of the area median income ($51,550 per year for a 2-person household, $58,000 per year for a 3-person household). “The Rainier Valley Community Development Fund is pleased to be a funder in the Columbia 26 project, which will make it possible for moderate-income households to purchase attractive, well-constructed homes in the Rainier Valley. The CDF’s mission is to be a catalyst for economic development that preserves and strengthens diversity, livability and economic opportunity in the Rainier Valley, says Wayne Lau, Executive Director of the Rainier Valley Community Development Fund. “This project is a great fit for the CDF’s mission and is a win for the community,” adds Cooper.

Homestead stewards the on-going affordability of over 160 owner-occupied homes in neighborhoods throughout the Seattle area. Homestead homeowners gain the security, stability and equity of homeownership without pricing the next homebuyers out of the same opportunity. “The Columbia 26 project is another great example of how partnerships with community organizations like Homestead can leverage the public’s investment from the Seattle Housing Levy to provide affordable housing options throughout our neighborhoods,” stated Rick Hooper, Director of the Seattle Office of Housing.

donate now 1.5x