We are building an
EQUITABLE, SUSTAINABLE and AFFORDABLE future for all.
HOMEOWNERSHIP CHANGES LIVES
Homestead has provided more than 300 households the opportunity to purchase their first home. As a result, they achieve the stability and predictability of an affordable housing payment, and freedom from the disruption and anxiety of displacement. Homeowners and their children experience higher rates of economic mobility, educational and health outcomes. We want these transformational benefits for all people, but at present Black, Indigenous and People of Color (BIPOC) have far lower rates of homeownership than white people. This is the result of both historic systems of discrimination as well as the skyrocketing costs of housing in our region.
Homestead lowers barriers to homeownership to those shut out by discrimination, and has achieved a 58% BIPOC rate of ownership through our program.
As a result more families are financially empowered and more resilient when affordable home payments allow them to live within their means and build equity safely. Their communities are stronger when households are able to thrive in place near jobs and services, extended family and friends. Families and the environment are healthier when people can live closer to jobs, walk more, drive less, and live in more energy-efficient, climate resilient homes.
The leasehold approach to homeownership was invented by Civil Rights era leaders to prevent displacement while creating first-time homebuying opportunities. This approach -- known as permanently affordable homeownership -- is so effective it has been adopted by other homeownership organizations and is a policy priority among public funders.
The communities we serve often experience the earliest and most acute impacts of climate change, and due to historic and current inequities, they have limited resources or capacity to respond. For them, climate equity means that they are provided the greatest access to climate solutions and resources. It is for this reason, that Homestead has committed to a leadership role in setting higher standards for climate equity in its new home construction. Our townhomes and cottage homes are highly energy efficient and make use of solar panels for onsite energy generation. Our award-winning Willowcrest development in Renton, and our Tukwila development The Southard are demonstrations of how Net Zero Energy development benefits both the environment and the affordability of ownership. Our Village Gardens development received a Built Green Hammer award. And existing homes in our program benefited from our pilot project with Spark NW Solarize the Land Trust. Investments in the environmental standards of homes benefit the environment, while creating positive health outcomes and lowering both operating and maintenance costs for owners.
PREVENTING DISPLACEMENT THROUGH PERMANENT AFFORDABILITY
Since their inception, community land trusts have been a strategic intervention to prevent the displacement of vulnerable people from homes and communities. By making homes permanently affordable, Homestead removes land and housing from the speculative market, buffering both homes and homeowners from the volatility of market forces. Homestead prioritizes new construction of high-quality homes in neighborhoods where displacement has already occurred or is at risk of occurring. Investing in permanently affordable homeownership completes a spectrum of housing choices that includes all income types that qualify for affordable homes. It gives affordability a permanent address in growing and revitalizing areas, making the more equitable, inclusive and resilient.
We believe that communities should not have to become housing developers in order to have voice and agency concerning what gets built in their neighborhoods, who it is built by and who benefits economically from those development projects.
Communities of color and those at risk of or already experiencing displacement have invited Homestead as a strategic partner to realize their goals to prevent displacement, and create affordable housing and opportunity through homeownership. Our vision is to strengthen Homestead’s ability to support multiple deep partnerships with communities at risk of displacement to create new homes.
HOMES IN TRUST
BIPOC ownership rate compared with 26% King County
HOMES WAITING TO BUILD
FIRST TIME HOMEBUYERS
LOW FORECLOSURE RATE